My solicitor has uncovered a a legal deficiency with the lease for the property we are buying in Bungay. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer says that he must check that the lender is happy with this solution. Are we the client or is the bank?
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 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 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.
My lender has suggested solicitors on their panel based in Bungay but I would rather instruct a conveyancing lawyer in Bungay or nearer to where I live. Are you able to help?
The minority of Bungay conveyancing solicitors are on all banks conveyancing panel. Do make the most of the above find an approved solicitor tool to identify a Bungay conveyancing conveyancer on the on the lender panel.
My wife and I buying a detached bungalow in Bungay. Our aim is to carry out an extension to the side at the house.Will legal work on the property involve investigations to see if these works are permitted?
Your conveyancer should check the registered title as conveyancing in Bungay can sometimes identify restrictions in the title deeds which prohibit certain changes or need the consent of another owner. Certain extensions need local authority planning consent and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.
I am currently in the process of buying my council flat in Bungay. I have a mortgage offer with RBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
Yorkshire BS have agreed my mortgage in principle, my offer on a property in Bungay has been agreed to, what happens next?
Your property agent will wish to know who your solicitors are (ensure that the property lawyers are on the bank’s panel). Telephone Yorkshire BS or your financial adviser and finish off any appropriate documentation. Yorkshire BS will appoint a valuer who will get in touch with the estate agent or owners to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Yorkshire BS will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bungay.
How does conveyancing in Bungay differ for newly converted properties?
Most buyers of new build residence in Bungay contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Bungay typically 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 Bungay or who has acted in the same development.
My cousin has suggested that I appoint his lawyers for conveyancing in Bungay. Do I follow his recommendation?
There are no two ways about it the best way to choose a conveyancing solicitor is to have referrals from friends or family who have used the solicitor that you are considering.
What advice can you give us when it comes to choosing a Bungay conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Bungay conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Bungay conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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How experienced is the firm with lease extension legislation? If the firm is not ALEP accredited then what is the reason?
Bungay Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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Best to be warned whether window replacement or some other significant cost is pending to be shared between the tenants and could well materially impact the level of the service charges or result in a one off payment. Make sure you investigate if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in certain buildings in Bungay. If you like the apartmentin Bungay however your dog can’t live with you then you will be faced hard decision. The prefered form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this scenario the leaseholders have being in charge if their destiny and even though a managing agent is frequently employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.