Our solicitor has discovered a defect with the lease for the flat we are buying in Tiverton. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the bank 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 bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. 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 lawyer will have no choice but to discontinue acting for you.
Is there a reason why leasehold purchase conveyancing in Tiverton is more expensive?
Tiverton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We're in Tiverton, FTBs buying with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What will a local search inform me concerning the house we're purchasing in Tiverton?
Tiverton conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search plays an important role in many a Tiverton conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I have todayfound out that Action Conveyancing have been shut down. They carried out my conveyancing in Tiverton for a purchase of a leasehold apartment 18 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The quickest method to see if the property is in your name, you can carry out 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 Tiverton conveyancing specialists.
I pay a maintenance fee for my appartment in Tiverton. As a result of personal circumstances I slipped behind with remittance. I negotiated a clearance plan but there is still a couple of left in arrears.
I now wish to dispose of the property and I am worried this can hold me back if I have to discharge the arrears in advance. I'd like to sell up and then pay them back with the proceeds - is this practicable?
Do speak with the conveyancing practitioner undertaking your Tiverton conveyancing but one option could be to arrange for the outstanding amount to be attributed to the purchasers. The final price they pay would be adjusted to reflect the amount of debt they assume. They could then pay the fees after completion of the sale.