My lawyer has identified a a legal deficiency with the lease for the property we are purchasing in Preston Park. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the lender is willing to move forward 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 conditions. 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 property lawyer will have no choice but to discontinue acting for you.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Preston Park. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 18/7/2021, the requirements read as follows :
Should our conveyancer be raising enquiries concerning flooding as part of the conveyancing in Preston Park.
Flooding is a growing risk for lawyers dealing with homes in Preston Park. There are those who buy a property in Preston Park, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a numerous checks that may be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Preston Park. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to find out whether the property has historically flooded. If the residence has been flooded in past and is not notified by the owner, then a buyer could commence a legal claim for losses as a result of such an inaccurate response. The buyer’s conveyancers will also order an enviro search. This will reveal if there is any known flood risk. If so, further inquiries should be carried out.
I have todaybeen informed that Stirling Law have been shut down. They conducted my conveyancing in Preston Park for a purchase of a leasehold flat 18 months ago. How can I check that the property is registered correctly in the name of the previous owner?
The easiest way to see if the premises is registered to you, you can make 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 Preston Park conveyancing specialists.
How does conveyancing in Preston Park differ for new build properties?
Most buyers of new build property in Preston Park approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Preston Park tend to acquire the land, 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 conveyancing solicitors 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 Preston Park or who has acted in the same development.
My a decade ago. He has been married, divorced and has recently remarried. He now wishes to the sell the Preston Park property. I suspect that he will simply be requested to supply copies of the marriage certificates to the lawyer but he is concerned it will frustrate the home move. Is it worth updating the Land Registry details for the house?
It is not absolutely necessary to bring up to date the register providing you have the proof required to show how the change of name has come about.
Any buyer’s conveyancing practitioner should check the registered information and ask for evidence to prove the change of name for example marriage documentation.