My solicitor has discovered a a legal deficiency with the lease for the apartment we are purchasing in Birchington. The other side have offered title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding 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 requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
Can you clarify what the consequences are if my solicitor is suspended from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Birchington?
First, 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Birchington is where the house is located. Is there any advice you can impart?
Flying freeholds in Birchington are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Birchington you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Birchington may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking into buying my first house which is in Birchington and I am already nervous. I couldn't find anything specific about Birchington. Conveyancing will be needed in due course but do you know about the Birchington area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Birchington. In the meantime here are some basic statistics that we found
I am 18 days into a freehold purchase having been recommend to a firm by the high street agent to perform conveyancing in Birchington. We are not happy. Can you you assist me in finding new lawyers?
They would need to be very bad to suggest changing them. Has your mortgage been issued? If so you must make them aware of the new contact details and have the loan are re-issued. Your conveyancer should be on the lenders panel to avoid supplemental fees and frustration. That should be your starting point. The find a solicitor tool can assist you in finding a bank approved conveyancer for your conveyancing in Birchington