My wife and I have just acquired a property in Barbican. We have noticed several issues with the property which we believe were overlooked in the conveyancing searches. Is there anything we can do? What searches should? have been conducted for conveyancing in Barbican?
The question is vague as what problems have arisen and if they are relate to conveyancing in Barbican. Conveyancing searches and investigations undertaken as part of the legal transfer of property are designed to help avoid problems. As part of the process, a property owner fills in a form called a Seller’s Property Information Form. answers ends up being inaccurate, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Barbican.
My apartment in Barbican is up for sale and I have accepted an offer. Does my conveyancer have to be required to be on the HSBC conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
My aunt pointed out to me me that in purchasing a property in Barbican there could be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of anumerous of properties in Barbican which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Barbican should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We are purchasing a detached bungalow in Barbican. The intention is to convert the garage to a playroom at the house.Will legal due diligence on the property include checks to ascertain if these works are prohibited?
Your property lawyer should check the registered title as conveyancing in Barbican will sometimes identify restrictions in the title documents which prohibit certain changes or require the permission of another owner. Some additions need local authority planning consent and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these things with a surveyor prior to committing yourself to a purchase.
I currently have a mortgage with Lloyds for my property in Barbican. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
Lloyds must be informed of your intention prior to letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. You need not do this via a Lloyds conveyancing panel lawyer.
About to purchase a new build apartment in Barbican. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Barbican
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Our lawyer in Barbican has identified a a legal deficiency with the lease for the apartment we are buying in Barbican. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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.