Our conveyancer has uncovered a a problem with the lease for the property we are purchasing in Frome. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the lender is happy with this solution. Who is the client here, us or 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 conveyancing practitioner 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 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 conveyancer will have no choice but to discontinue acting for you.
Various online forums that I have come across warn that are the primary reason for obstruction in Frome house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Frome.
I completed on my apartment on 4 October and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Frome expressed confidence that it will be registered in a couple of weeks. Are properties in Frome uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Frome registration formalities. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether there are errors and if the Land registry have to notify any third parties. As of today approximately 80% of such applications are fully addressed in less than three weeks but occasionally there can be longer delays. Historically registration occurs once the purchaser has moved in to the property therefore 'speed' is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Frome differ for newly converted properties?
Most buyers of new build or newly converted property in Frome approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Frome typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Frome or who has acted in the same development.
My uncle has encouraged me to appoint his conveyancers in Frome. Should I choose my own property lawyer?
Much as we are happy to recommend a Frome conveyancing lawyer the ideal way to find a conveyancing solicitor is to get feedback from friends or family who have actually experience in using the conveyancer you're considering.
Estate agents have just been given the go-ahead to market my 2 bed flat in Frome. Conveyancing solicitors are to be appointed soon, however I have recently received a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the invoice as usual given that all ground rent and service payments should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Frome Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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It would be a good idea to find out if the the lease includes any unreasonable restrictions in the lease. For instance it is fairly common in Frome leases that pets are not permitted in certain buildings in Frome. If you love the flatin Frome but your dog is not allowed to live with you then you will be presented with a difficult decision. How many of the leaseholders are in arrears for their maintenance charge payments? Please note that where the lease has less than 80 years it will affect the value of the flat. Check with your bank that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Fromelease extensions you will be required to have owned the property for a couple of years in order to be entitled to extend the lease.