Our conveyancer has discovered a a problem with the lease for the apartment we are purchasing in Downend. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 solicitor will have no choice but to discontinue acting for you.
Can I use your services to recommend a Conveyancing solicitor in Downend even where I’m not purchasing or selling a house, for example if I want to acquire a shop in Downend with a loan from Aldermore?
Our search tool is mainly utilised to help choose domestic conveyancing solicitors in Downend but we have set out at the end of this page a selection of Downend commercial conveyancing firms. You will need to make contact with the company directly to establish if they are also authorised to represent Aldermore
My apartment in Downend is up for sale and I have accepted an offer. Does my lawyer need to be required to be on the Co-operative conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
My partner and I are close to exchanging contracts on the sale of our home in Downend and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers used an internet conveyancing firm as opposed to a conveyancing solicitor in Downend. We have lived in Downend for six years we know that this is a non issue. Do we get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am buying a new build flat in Downend. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Downend
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Last November I purchased a leasehold flat in Downend. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Downend - Sample of Queries Prior to buying
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You should want to find out as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to daily issues like the tidiness of the communal areas. Don't be shy to ask other tenants if they are happy with them. Finally, be sure you know the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending the funds. What restrictions are contained in the Downend Lease? Is the freehold owned collectively by the tenants?