My solicitor has discovered a a legal deficiency with the lease for the apartment we are buying in Dalston. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must check that the mortgage company is happy with this solution. Are we the client or is the lender?
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 conveyancer must comply with the UK Finance Lenders’ Handbook conditions. 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 conveyancer will have no choice but to discontinue acting for you.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Dalston. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
If you intend to refinance then Aldermore will insist on your using a conveyancer on the Aldermore 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 Aldermore 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 Aldermore mortgage is registered as a charge at the Land Registry.
What does a local search tell me about the property my wife and I buying in Dalston?
Dalston conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Searches UK The local search plays an important role in many a Dalston conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Due to the encouragement of my in-laws I had a survey completed on a property in Dalston in advance of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Dalston. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use your search facility to select a conveyancing practitioner in Dalston on the approved list for my mortgage?
First select a mortgage company such as Lloyds TSB Bank, Norwich and Peterborough Building Society or Bank of Ireland then specify your preferred area for example Dalston. Conveyancing organisations in Dalston and beyond will then be identified.
I have appointed a Dalston conveyancing solicitor for our house purchase (novice purchasers) and have picked up in the terms and conditions that they are not regulated by the Financial Conduct Authority. Am I right to be worried or is that standard with lawyer?
We can't see why they should be. Most conveyancing practitioner don't lend money. They will be regulated by the SRA, who dictate stringent stipulations in relation to funds sitting on client account.