My lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Strood. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions have to be complied with.
Do lenders provide you with an approved list of Strood conveyancing solicitors? How do you know who is on the Nationwide conveyancing panel?
Strood conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
I have been told that property searches are the main reason for delay in Strood house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Strood.
Given that I will soon part with hundreds of thousands of pounds on a property in Strood I wish to have a conversation with the conveyancer regarding thehouse move prior to instructing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be doing your conveyancing in Strood.There is no ‘factory style conveyancing’ - each client is an important person, not a case number. The solicitors that we put you in touch with believe that the figure you are provided with for your conveyancing in Strood should be the figure that you end up paying.
I am employed by a long established estate agency in Strood where we have experienced a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Strood conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Strood - Examples of Queries before buying
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How many years are left on the lease? Are any of leasehold owners in arrears of their service charge payments? What restrictions are there in the Strood Lease?
My partner and I have just had a bid accepted on our first house in Strood, and are about to get solicitors appointed. We have utilised the different comparison based websites and the quotes are from all over the England and Wales. Is it important to have a Strood conveyancer local to our prospective property? We are happy to do all the communicating electronically, but I guess at some point we will be required to physically go into the lawyer's office to sign documents?
The conveyancing practitioner does not need to be in Strood, but opting for local means that you have the option to attend their offices if needed, by way of example, if a signature is needed urgently. Also, a Strood solicitor is likely to be familiar with local agents and (if the vendor has instructed a local solicitor) with them, which will help keep things moving faster.