Our conveyancer has uncovered a a problem with the lease for the property we are buying in Coulsdon. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must check that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company 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 lender 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 conveyancing practitioner will have no choice but to discontinue acting for you.
My grandmother passed away last year and as sole heir and executor I was left the property in Coulsdon. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this possible?
If you intend to re-mortgage then HSBC will insist on your using a conveyancer on the HSBC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your HSBC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the HSBC mortgage is registered as a charge at the Land Registry.
Are there restrictive covenants that are commonly picked up during conveyancing in Coulsdon?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Coulsdon. 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've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Coulsdon is the location of the property. Is there any advice you can give?
Flying freeholds in Coulsdon are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Coulsdon you would need to get your solicitor to go 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 Coulsdon 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 residence.
I have been pointed in your direction by numerous estate agents in Coulsdon to select a property lawyer on your site. What’s the financial incentive for Estate Agents to promote your site ahead of alternative conveyancing organisations?
We refuse to make any financial incentive for directing people in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
We're new on the property ladder - had an offer accepted, yet the property agent informed us that the seller will only go ahead if we instruct their preferred lawyers as they are insisting on an ‘expedited deal’. We would rather use a high street conveyancer used to conveyancing in Coulsdon
We suspect that the seller is not behind this ultimatum. Should the seller desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is going to damage their objectives. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)but you intend to appoint your preferred Coulsdon conveyancing solicitors - not the ones that will provide the negotiator at the agency a commission or hit his conveyancing figures demanded by HQ.