Our lawyer has identified a a legal deficiency with the lease for the flat we are buying in Chelsea. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
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 conveyancing practitioner 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 property lawyer will have no choice but to discontinue acting for you.
My solicitor has informed me that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Chelsea?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Barnsley Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
When it comes to mortgage companies such as Leeds Building Society, do Chelsea property lawyers incur a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Completion of my purchase has taken place for my property in Chelsea. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Are there restrictive covenants that are commonly picked up during conveyancing in Chelsea?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Chelsea. 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…’
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Chelsea I like with open areas and transport links nearby, however it's only got 51 years on the lease. There is not much else in Chelsea suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
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At this site receive an accurate quote from a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Chelsea. Unlike many estate agents and many comparison sites we do not charge firms a fee if you select them for your property ownership legalities in Chelsea
My husband and I are novice buyers - agreed a price, but the selling agent advised that the vendor will only proceed if we use the agent's chosen solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a local solicitor used to conveyancing in Chelsea
We suspect that the seller is unaware of this request. If they require ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Speak to the owners direct and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you will continue to use your preferred Chelsea conveyancing solicitors - as opposed tothose that will give their negotiator at the agency a commission or achieve conveyancing targets pre-set by head office.