Our lawyer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Freshwater. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check 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 mortgage company 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 bank 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 lawyer will have no choice but to discontinue acting for you.
We're in Freshwater, FTBs purchasing with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm the single beneficiary of my late grandmother’s will and I have everything in my name now, including the house in Freshwater. The Freshwater property was put into my name in January. I plan to dispose of the house. I understand that there is a CML six month 'rule', which means that my proprietorship could be regarded the same way as if I'd bought the house in January. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this provision is primarily there to identify the purchase and immediately sell or the quick reselling of property.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Freshwater building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Freshwater conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancer has to comply with the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Aldermore have agreed my mortgage in principle, my offer on a house in Freshwater has been agreed to, now what?
Your property agent will want to know who your solicitors are (ensure that the lawyers are on the lender’s approved list). Contact Aldermore or the broker and finalise any relevant forms. Aldermore will appoint a valuer who will get in contact with the estate agent or vendor to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Aldermore will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Freshwater.
I have todaydiscovered that Arc property Solicitors have closed. They conducted my conveyancing in Freshwater for a purchase of a leasehold flat 10 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Freshwater conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Freshwater is where the house is located. Can you shed any light on this issue?
Flying freeholds in Freshwater are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Freshwater you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Freshwater may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am due to assess estimates for conveyancing in Freshwater from three conveyancer and choose one. Do I get them to sit tight until I I have an offer accepted on a apartment.
We suggest that you only get your lawyer to commence work and order searches after the sales memo has been issued by the selling agent particularly as Freshwater conveyancing searches are a couple of hundred pounds.