My conveyancer has discovered a a legal deficiency with the lease for the flat we are purchasing in Farnham. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the bank is willing to move forward 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 lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. 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 property lawyer will have no choice but to discontinue acting for you.
Me and my partner are buying a house in Farnham. It might be a silly question but how we can trust a solicitor? At some point we will need to put funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have been advised by my solicitor that defective lease insurance is necessary on my purchase. What is the level of cover for Farnham conveyancing?
The right level of defective lease indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and Skipton Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
After much negotiation I have agreed a price on a house in Farnham. My financial adviser suggested a solicitor. I paid an advanced payment of £150. Soon after, the conveyancer called me sheepishly admitting that they were not on the Nationwide 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 Nationwide 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.
Will our solicitor be making enquiries concerning flooding as part of the conveyancing in Farnham.
Flooding is a growing risk for conveyancers carrying out conveyancing in Farnham. Plenty of people will purchase a house in Farnham, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Farnham. The standard completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to discover whether the premises has suffered from flooding. If the property has been flooded in past which is not disclosed by the owner, then a buyer could bring a compensation claim stemming from an misleading reply. The purchaser’s lawyers will also carry out an enviro search. This should reveal whether there is a recorded flood risk. If so, more detailed investigations should be conducted.
I am looking for a flat up to £245,000 and identified one round the corner in Farnham I like with a park and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Farnham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated 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 commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
My uncle has urged me to appoint his lawyers for conveyancing in Farnham. Should I choose my own conveyancer?
No doubt the ideal way to find a conveyancing solicitor is to have feedback from friends or relatives who have actually experience in using the firm that you are are thinking of instructing.
My wife and I have an offer in principle from Chelsea Building Society who indicated we could borrow up to £117k. When do I need to appoint a solicitor for conveyancing? Farnham is where we are .
You can appoint a property lawyer now requesting that they generate a file on your behalf. This will trigger: 1) the estate agent to issue a Sales Memorandum to the relevant parties 2) the seller’s conveyancer to send out the draft paperwork. That being said, do not ask your conveyancer to order searches until you receive your valuation report via Chelsea Building Society and you are willing to move forward.