Our lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Chipstead. The other side have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions have to be complied with.
Finally the sale completed on my house in Chipstead last December but the buyer keeps calling daily to moan that his lawyer is waiting to hear from mylawyer. What should my lawyer have done following completion?
Post completion of your disposal your lawyer should deliver the transfer documentation and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your lawyer must also send confirmation that the mortgage has been discharged to the purchasers solicitors. There are no post completion formalities unique to conveyancing in Chipstead.
three months have gone by since my purchase conveyancing in Chipstead completed. I have checked the Land Registry website which shows that I paid £175,000 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 property 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.
How does conveyancing in Chipstead differ for new build properties?
Most buyers of new build premises in Chipstead contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Chipstead typically buy the real estate, 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 property lawyers 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 Chipstead or who has acted in the same development.
I'm refinancing my current property to a BTL loan with Virgin Money and intend to use the remaining equity towards a second house. The area we are talking about is Chipstead. Will your solicitors be able to act for the two lenders and tie in the two deals?
Make use of our comparison tool on this page to be sure that the conveyancers are on the relevant lender panels. Having checked that they are your conveyancer will be able to tie up the two deals but you should talk with you lawyer and specify your expectations and needs.
I need to retain a conveyancing solicitor for my conveyancing in Chipstead. I have chance upon a site which seems to have the perfect answer If it is possible to get all the legals completed via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?