My conveyancer has discovered a a legal deficiency with the lease for the flat we are purchasing in Tiverton. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the mortgage company 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 potential for a conflict of interest, you and the bank are the client. Your lawyer 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 lender 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, First time buyers purchasing with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer 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 does a local search reveal concerning the house we're buying in Tiverton?
Tiverton conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search plays an important role in many a Tiverton conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (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 topic areas.
I have justbeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Tiverton for a purchase of a freehold house 18 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest method 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 Tiverton conveyancing specialists.
Being a leasehold owner I am liable for a maintenance fee for my appartment in Tiverton. Due to losing my job and personal issues I slipped into arrears with remittance. The management company agreed a settlement schedule but there is still around £3000 outstanding as of today.
I am under pressure to dispose of the property and I am nervous that this could hold me back if I have to settle the amount due now. I'd like to sell up and subsequently pay them back with the proceeds - is this viable?
Your lawyer should be in a position to negotiate with the management company, with a new to seeing if they would accept settlement from completion monies. This is an example of why it might be good to appoint a conveyancing practitioner in Tiverton as they are likely to have an established relationship with the parties.