My conveyancer has identified a a legal deficiency with the lease for the property we are purchasing in Dunvant. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
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 specifications. You and the lender are the client. The appropriate lender specifications have to be complied with.
The Dunvant conveyancing firm that I recently instructed on my house acquisition in Dunvant have suddenly closed. I chose them because I needed a solicitor on the Yorkshire BS conveyancing panel and my preferred Dunvant lawyer was not. I paid them 275 plus VAT on account. What should be my next steps?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Yorkshire BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
Can you help - my lawyer says that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Dunvant?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Birmingham Midshires and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
Is it the case that all Dunvant CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing list of approved firms?
A selection of lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
When it comes to mortgage companies such as Co-operative, do Dunvant property lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
The estate agent has sent us the confirmation of our purchase of a new build flat in Dunvant. 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 legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Dunvant
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a flat up to £235,500 and identified one near me in Dunvant I like with open areas and station in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Dunvant for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the shortness of the lease will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
Taking into account that I am about to spend hundreds of thousands of pounds on 3 bedroom house in Dunvant I wish to talk to a solicitor regarding thehome move ahead of instructing the firm. Is this something that you can arrange?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you first talking to the conveyancer due to be conducting your conveyancing in Dunvant.There is no ‘factory style conveyancing’ - every client is an important individual, not a case reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Dunvant should be the amount on the final invoice that you are charged.