My lawyer has uncovered a a problem with the lease for the flat we are purchasing in Dartmouth Park. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the lender is content with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions must be adhered to.
I am the registered owner of a freehold house in Dartmouth Park yet pay rent, why is this and what is this?
It is rare for properties in Dartmouth Park and has limited impact for conveyancing in Dartmouth Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Dartmouth Park?
Two types of professional can perform conveyancing in Dartmouth Park namely licenced conveyancers or solicitors. Both professionals administer the legal services that required to complete the sale or purchase of property. They are both duty bound to perform Dartmouth Park conveyancing to the same standards and guidelines so you can be safe in the knowledge that your conveyancing will be properly carried out and that all requisite procedures will be accurately followed.
Is it the case that all Dartmouth Park solicitor firms on the Aldermore conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Aldermore conveyancing panel they would need to be overseen by the SRA. Many mortgage companies do allow licenced conveyancers on their panel and in that case the firms would be regulated by the Council of Licensed Conveyancers.
After months of negotiation I have agreed a price on an apartment in Dartmouth Park. My mortgage broker suggested a lawyer. I paid an advanced payment of £150. A couple of days later, the solicitor contacted me to say that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when buying a property in Dartmouth Park?
Unless a prior acquisition of the property completed after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Dartmouth Park to continue to suggest a chancel search and or chancel repair liability insurance.
I am looking for a ground for flat up to £245,000 and identified one near me in Dartmouth Park I like with amenity areas and station in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Dartmouth Park suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
The conveyancers undertaking our conveyancing in Dartmouth Park has forwarded documents to review that state the land is unregistered with epitome documents. Is it not the case that all properties in Dartmouth Park are registered?
It is unusual for property in Dartmouth Park to be unregistered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Dartmouth Park conveyancing lawyers will be familiar with such matters but if any uncertainty reigns the standard recommendation presently is for the seller to deal with the registration formalities first and subsequently deal with the disposal - this undoubtedly result in a protracted transaction.