Our conveyancer has discovered a a legal deficiency with the lease for the property we are purchasing in Leyburn. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the mortgage company 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 requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
What is the first thing I need to know regarding purchase conveyancing in Leyburn?
Not many law firms shout this from the rooftops but conveyancing in Leyburn or throughout North Yorkshire is often a confrontational experience. In other words, when it comes to conveyancing there is lots of opportunity for friction between you and others involved in the legal transfer of property. For instance, the vendor, estate agent and even potentially a lender. Choosing a solicitor for your conveyancing in Leyburn is a critical decision as your conveyancer is your adviser, and is the ONLY person in the transaction whose interest is to look after your legal interests and to protect you.
On occasion a third party with a vested interest may try and sway you that you should follow their advice. For example, the selling agent may claim to be helping by claiming that your conveyancer is slow. Or your mortgage broker may advise you to do take action that is against your lawyers guidance. You should always trust your lawyer above all other parties in the home moving process.
Please explain the implications if my lawyer’s firm is suspended from the Barclays Conveyancing panel ahead of completing my conveyancing in Leyburn?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
4 months have elapsed following my purchase conveyancing in Leyburn completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Leyburn is where the house is located. Can you shed any light on this issue?
Flying freeholds in Leyburn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Leyburn you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leyburn may ascertain 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 premises.
I need to appoint a conveyancing solicitor for sale conveyancing in Leyburn. I have chance upon a site which looks to be the ideal offering If there is a chance to get all formalities done via web that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?