My conveyancer has discovered a defect with the lease for the flat we are purchasing in Newport Pagnell. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must check that the lender 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 conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. 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 conveyancer will have no choice but to discontinue acting for you.
We see that you have a search directory identifying solicitors on the Virgin Money conveyancing panel. Do companies pay you a commission if I instruct them for our conveyancing in Newport Pagnell?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Newport Pagnell.
I require expedited conveyancing in Newport Pagnell as I have pressure to sign on the dotted line within 2 weeks. Fortunately I do not require a mortgage. Can I decline from having conveyancing searches to save fees and time?
As you are are a cash buyer you are at free not to have searches carried out although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Newport Pagnell the following are examples of issues that can show up and therefore affect future mortgageability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Railway Schemes,...
Me and my brother own a renovated Georgian property in Newport Pagnell. Conveyancing practitioner acted for me and Nottingham 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 exact same address. I thought I was buying a freehold how can I check?
You should assess 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Newport Pagnell and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing solicitor who conducted the purchase.
About to purchase a new build flat in Newport Pagnell. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Newport Pagnell
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants.
My mortgage broker has recommended their solicitor for our conveyancing in Newport Pagnell - won’t it be advisable to just instruct them?
You need to establish if the selling agent is recommending a solicitor or introducing to a conveyancer. There are plenty of Newport Pagnell selling agents who recommend two or three Newport Pagnell conveyancing firms purely based on those lawyers offering a great service.