My lawyer has discovered a defect with the lease for the flat we are buying in Bungay. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must be satisfied 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 bank are the client. Your solicitor 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 solicitor will have no choice but to discontinue acting for you.
It is a dozen years since I purchased my house in Bungay. Conveyancing lawyers have recently been retained on the sale but I can't find my deeds. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be kept by your mortgage company or they could be in the possession of the solicitor who oversaw your purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. The vast majority of conveyancing in Bungay involves registered property but in the rare situation where your home is unregistered it is more tricky but is not insurmountable.
A colleague advised me that where I am purchasing in Bungay I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Bungay conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Bungay around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Bungay Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Bungay Education with maps and statistics, Local Amenities and other useful data regarding Bungay.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Bungay is where the house is located. Is there any advice you can impart?
Flying freeholds in Bungay are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bungay you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bungay may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We are a couple of weeks into a freehold purchase having been referred to a firm by the high street agent to carry out the conveyancing in Bungay. I am am starting to be dissatisfied with the quality of service. Can you help me find new solicitors?
They would need to be really poor in order to consider replacing them. Has the mortgage offer been generated? If so you need to inform them of the new contact details and get the offer are re-sent. The solicitor ideally needs to be on the banks panel to avoid added costs and delays. So that should be your first question of the new lawyers. The find a solicitor tool should help you find a bank approved lawyer for your home move in Bungay
Our financial adviser has recommended their conveyancer for our conveyancing in Bungay - won’t it be better to just use them?
You need to establish if the selling agent is recommending a solicitor or introducing to a conveyancer. There are plenty of Bungay estate agents who recommend two or three Bungay conveyancing firms and get nothing from it.