My lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Box. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must check that the bank is content with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions 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 mortgage company are the client. These conveyancing instructions have to be complied with.
I have been told that property searches are the primary cause of hinderance in Box house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Box.
Are there restrictive covenants that are commonly identified as part of conveyancing in Box?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Box. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Box differ for new build properties?
Most buyers of new build residence in Box come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Box usually buy the land, 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 conveyancing solicitors 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 Box or who has acted in the same development.
I have been sourcing a conveyancing solicitor in Box for my sale. Is it possible to check a firm’s record with the profession’s regulator?
Members of the public may review documented Solicitor Regulator Association (SRA) decisions arising from investigations commenced on or after Jan 2008. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA could monitor call for training reasons.
I am buying a garden flat in Box. Conveyancing lawyer has been awaiting, from the vendor, building insurance documents. This morning I was advised that the owner must send the insurance documents for the flat above also. Why does my lawyer need to see the insurance for the other flat? Is it strictly necessary? We have been waiting for the last 2 weeks…
It is not unheard of in leasehold conveyancing in Box to find Conveyancing in Box in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats rather than the landlord insuring the whole property - which is definitely preferable. Do check with your lawyer but it would seem that your conveyancing practitioner is seeking to verify that the entire building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt for lack of insurance.