Our conveyancer has discovered a defect with the lease for the property we are buying in Prestbury. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the bank is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 lawyer will have no choice but to discontinue acting for you.
As I am unsure how the conveyancing bit works what is the most important number one tip you can impart regarding purchase conveyancing in Prestbury?
Not many law firms or advisers will tell you this but conveyancing in Prestbury or throughout England and Wales is an adversarial process. Put another way, when it comes to conveyancing there exists lots of opportunity for confrontation between you and others involved in the transaction. E.g., the seller, property agent and sometimes the mortgage company. Appointing a solicitor for your conveyancing in Prestbury should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose role it is to look after your best interests and to protect you.
We are witnessing a definite ongoing adversarial element to conveyancing- someone must be blamed for the process taking so long. We recommend that you your first instinct should be to trust your conveyancer above all other players when it comes to the legal assignment of property.
I have recentlybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Prestbury for a purchase of a freehold house 12 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The easiest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Prestbury conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build flat in Prestbury. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Prestbury
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Due to the encouragement of my in-laws I had a survey completed on a property in Prestbury in advance of appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies tend not issue a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Prestbury. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Prestbury to see if the conveyancing costs will increase in light of this.
How do I use your search facility to choose a conveyancing practitioner in Prestbury on the panel for my mortgage?
1st select a bank such as Lloyds TSB Bank, Chelsea Building Society or Britannia then specify your preferred area e.g. Prestbury. Conveyancing firms in Prestbury and beyond will then be listed.