My conveyancer has uncovered a a legal deficiency with the lease for the property we are purchasing in Fenstanton. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or 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 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.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Fenstanton?
There are many recorded licenced Conveyancers in Fenstanton and Solicitor practices in Fenstanton to choose from It is important to make clear that the two are regulated professionals specialising in the legal aspects of the home buying process. Both can conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I happen to be the only recipient of my late father’s will with all property in now in my sole name, including the my former home in Fenstanton. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I do know about the CML six month 'rule', which means that my property ownership could be considered the same way as though I had purchased the property in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Some mortgage companies would take a pragmatic view as this provision is chiefly there to pick up on subsales or the wholesaling and assigning of property.
I am buying a property in Fenstanton. A rare aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Kent Reliance your lawyer must check the formal requirements set out in Part two of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and solicitors are required to report to Kent Reliance where a lease does not meet these requirements. The specifications relate to the installation of panels on properties countrywide and is not isolated to Fenstanton.
I need some expedited conveyancing in Fenstanton as I have an ultimatum to complete inside 3 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not obtaining a home loan you are at free not to do searches although no law firm would advise that you don't. Drawing on our experience of conveyancing in Fenstanton the following are examples of what can arise and therefore impact market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
Me and my brother have a renovated Victorian property in Fenstanton. Conveyancing practitioner acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fenstanton and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing solicitor who conducted the conveyancing.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Fenstanton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Fenstanton
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. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan.
My plan is to purchase a garden maisonette in Fenstanton. Conveyancing lawyer has been waiting for, from the seller, building insurance schedule. This morning I was advised that the owner needs to forward the insurance paperwork for the flat above as well. Why would my conveyancer need to see the insurance for the flat above? Is it really necessary? We have been in hold for the previous fortnight…
It is not unheard of in leasehold conveyancing in Fenstanton to discover Conveyancing in Fenstanton in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats rather than the freeholder insuring the complete property - which is clearly preferable. Do double check with your property lawyer but it would appear that your solicitor is attempting to establish that the complete building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the other flat cannot be reinstated for lack of insurance.