Our conveyancer has uncovered a defect with the lease for the property we are buying in Mevagissey. The other side have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the mortgage company 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 provisions. You and the bank are the client. These conveyancing instructions must be adhered to.
Please explain the implications if my solicitor is suspended from the Nottingham Conveyancing panel ahead of completing my conveyancing in Mevagissey?
The first thing to point out is that, this is a very rare occurrence. 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.
Should our conveyancer be raising questions regarding flooding as part of the conveyancing in Mevagissey.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Mevagissey. There are those who acquire a property in Mevagissey, 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 obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, but there are a numerous checks that can be undertaken by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Mevagissey. The conventional set of completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to determine if the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a purchaser may bring a compensation claim as a result of such an misleading reply. A purchaser’s lawyers will also order an environmental report. This will disclose if there is a recorded flood risk. If so, more detailed inquiries should be made.
I have todaybecome aware that Arc property Solicitors have closed. They carried out my conveyancing in Mevagissey for a purchase of a leasehold flat 18 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The quickest method to see if the premises is registered to you, 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 Mevagissey conveyancing specialists.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.