My solicitor has discovered a a problem with the lease for the apartment we are buying in Ripley. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. These conveyancing instructions must be adhered to.
As someone not used to conveyancing in Ripley what’s your top tip you can give me concerning the ownership transfer in Ripley
Not many law firms shout this from the rooftops but conveyancing in Ripley and elsewhere in Derbyshire is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of room for confrontation between you and others involved in the legal transfer of property. E.g., the vendor, property agent and sometimes the lender. Choosing a law firm for your conveyancing in Ripley should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the process whose role it is to act in your best interests and to protect you.
On occasion a potential adversary may try and convince you that it is in your interests to do things their way. For instance, the selling agent may claim to be assisting by suggesting your lawyer is wrong. Or your mortgage broker may try to convince you to do something that is against your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to instruct a Ripley based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel conveyancers where you accept the "fee-free" incentive. Speak to the mortgage company and explore if they offer you a monetary alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Ripley.
3 months have gone by since my purchase conveyancing in Ripley concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Should I use a Ripley conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can deal with the conveyancing however her office is 400kilometers drive away.
The benefit of a local Ripley conveyancing practice is that you can attend the office to execute paperwork, present your ID and apply pressure on them where appropriate. Having local Ripley know how is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and they were happy that should surpass using an unfamiliar Ripley conveyancing solicitor just because they are based in the area.
My aim is to purchase a garden apartment in Ripley. Conveyancing lawyer is awaiting, from the owner, building insurance paperwork. Earlier today I was advised that the vendor needs to send the insurance documents for the flat above in addition. Why would my lawyer need to review the insurance for the other flat? Is it really necessary? We have been stalled for the last fortnight…
It is not unheard of in leasehold conveyancing in Ripley to discover Conveyancing in Ripley in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats rather than the freeholder insuring the whole building - which is clearly preferable. Do check with your conveyancer but it would seem that your solicitor is attempting to establish that the entire building is insured. Insuring a ground floor apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated due to lack of insurance.