Our solicitor has identified a defect with the lease for the apartment we are purchasing in Toton. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
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 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 conveyancer will have no choice but to discontinue acting for you.
Will my solicitor be raising enquiries regarding flooding during the conveyancing in Toton.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Toton. Some people will purchase a property in Toton, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Toton. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover whether the property has suffered from flooding. In the event that the property has been flooded in past which is not disclosed by the seller, then a buyer may commence a claim for damages resulting from an misleading response. The purchaser’s conveyancers may also conduct an enviro report. This should indicate if there is any known flood risk. If so, more detailed investigations will need to be conducted.
How does conveyancing in Toton differ for newly converted properties?
Most buyers of new build premises in Toton come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Toton typically acquire the site, 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 property lawyers 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 used to new build conveyancing in Toton or who has acted in the same development.
I was advised by a number of property agents in Toton to locate a property lawyer using your seach tool. Is there a financial incentive for Estate Agents to recommend your site ahead of alternative conveyancing organisations?
We refuse to make any referral fee for sending work our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
We're new on the property ladder - had an offer accepted, yet the selling agent has warned us that the owners will only go ahead if we instruct their recommended lawyers as they want a ‘quick sale’. We would rather use a local conveyancer who is accustomed to conveyancing in Toton
It is improbable the sellers are behind this. Should the vendor want ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Try to communicate with the owners directly and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you intend to use your own,trusted Toton conveyancing firm - not the ones that will earn their negotiator at the agency a commission or hit his conveyancing targets pre-set by corporate headquarters.
How much will conveyancing in Toton cost?
The amount you are levied for conveyancing in Toton are likely to be calculated at:
- a fixed amount; or
- an hourly rate (i.e. the time spent on the particular case).
In practice you seldom hear of Toton conveyancing firms invoice on time basis