My lawyer has identified a a problem with the lease for the apartment we are buying in Brislington. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must ensure that the lender is content with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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 bank are the client. The appropriate lender requirements must be adhered to.
When does exchange of contracts take place for purchase conveyancing in Brislington and am I required to be at the conveyancers branch?
Where you are local to one of the conveyancing solicitors in Brislington you are welcome to attend to sign contracts. However, the lender approved solicitors we work with offer countrywide coverage for conveyancing and give as equally detailed and professional a job for you when dealing with you by post or email. The executing of the property agreement is not when everything is set in stone. Signing on the dotted line is necessary for the conveyancer to exchange contracts at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Brislington)to be in the office available at the end of the phone to exchange contracts.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Yorkshire BS Conveyancing panel ahead of completing my conveyancing in Brislington?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been on the look out for a flat up to £195,000 and identified one close by in Brislington I like with a park and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Brislington in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I have been sourcing a conveyancing solicitor in Brislington for my home move. Can I check a firm’s complaints history with the profession’s regulator?
Members of the public can see documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator could monitor call for training requirements.