My solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Avonmouth. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. 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 conveyancer will have no choice but to discontinue acting for you.
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Coventry BS conveyancing panel for example in Avonmouth?
Lexsure has not been advised of any intention on the part of the BSA to develop such a register.
I am planning on selling our home in Avonmouth and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any high street Avonmouth conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used a national conveyancing outfit as opposed to a conveyancing solicitor in Avonmouth. We have lived in Avonmouth for 4 years we know of no issue. Should we get in touch with our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
2 months have elapsed following my purchase conveyancing in Avonmouth concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 premises 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.
What does commercial conveyancing in Avonmouth cover?
Non domestic conveyancing in Avonmouth incorporates a wide array of advice, supplied by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
What are the common deficiencies that you encounter in leases for Avonmouth properties?
There is nothing unique about leasehold conveyancing in Avonmouth. All leases are drafted differently and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Avonmouth Leasehold Conveyancing - Sample of Questions you should ask before buying
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What prohibitions are contained in the Avonmouth Lease? The answer will be important as a) areas can cause problems in the block as the common areas may begin to deteriorate if repairs remain unpaid b) if the tenants have an issue with the running of the building you will want to have full disclosure The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and although a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.