Our lawyer has uncovered a a problem with the lease for the flat we are purchasing in Shoreditch. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the mortgage company is content 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 mortgage company are the client. Your lawyer 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.
My house in Shoreditch is up for sale and I have accepted an offer. Will the property lawyer have to be on the Santander conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
My wife and I are downsizing from our home in Shoreditch and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A high street Shoreditch conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using an internet conveyancing firm as opposed to a conveyancing solicitor in Shoreditch. We have lived in Shoreditch for many years we know that this is a non issue. Do we get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing firm already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
The estate agent has sent us the confirmation of our purchase of a new build flat in Shoreditch. Conveyancing is necessary evil 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 conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Shoreditch
Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Shoreditch is the location of the property. Can you offer any guidance?
Flying freeholds in Shoreditch are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shoreditch you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shoreditch 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.
My fiance and I are hoping to buy a three room maisonettein Shoreditch with a mortgage from a mortgage company. We like our solicitor in Shoreditch yet our mortgage company inform us now that she’s not listed on their "panel". We have to appoint from the our bank panel solicitors or stay with our Shoreditch solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage company mortgage offered to you is subject to conditions, one of which will be that solicitors will on the bank's conveyancing panel. in the past, most banks had open panels, including many conveyancing solicitors in Shoreditch : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your mortgage company.