My conveyancer has discovered a a problem with the lease for the apartment we are purchasing in Yarm. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I am considering applying for a UBS mortgage for purchase of a newly converted (under development) in Yarm with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
We had selected conveyancers located in Yarm on the TSB solicitor panel. They have just invoiced me a separate fee for the legal aspects of the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your lawyer is entitled to levy a fee for this. This charge is not dictated by TSB but by your Yarm property lawyer. Numerous firms on the TSB panel will charge an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
Last month we had a mortgage agreed in principle with Kent Reliance. Yarm conveyancing solicitors are selected. How long does it take for Kent Reliance to forward the offer to the property lawyer?
Some lenders take longer than others. Have Kent Reliance done the survey? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Aldermore for my property in Yarm. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
Aldermore must be informed of your intention before renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
How does conveyancing in Yarm differ for newly converted properties?
Most buyers of new build property in Yarm approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Yarm usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Yarm or who has acted in the same development.
My business partner and I are planning to lease a unit on a shopping parade. Can you recommend solicitors offering no-move-no charges for commercial conveyancing in Yarm for under £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Yarm, including the sale and purchase of businesses as well as simply property. If you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we will find you the right solicitor. Regarding the costs these will vary based on the structure and terms of the deal. Please provide us with your details or email so as to enable us to furnish you with a fixed commercial conveyancing quote.