My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Carterton. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?

The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.

Why do I have to pay up front when it comes to conveyancing in Carterton?

Where you are retaining lawyers for conveyancing in Carterton your solicitor will ask you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the total price then this will be asked for shortly prior to contracts are exchanged. Any further balance that is needed should be sent to your lawyer a few days ahead of the day of completion.

I bought my flat on 8 July and my personal details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Carterton expressed confidence that it would be recorded in less than a month. Are transfers in Carterton uniquely lengthy to register?

There is nothing unique when it comes to conveyancing in Carterton registration formalities. Rather than based on location, timescales can differ subject to the party submitting the application, whether there are errors and if the Land registry must send notices to any third parties. At present in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be protracted hold-ups. Historically registration takes place once the purchaser has moved in to the premises so an expedited registration is not typically an essential issue yet where it is urgent that the the registration takes place urgently then you or your conveyancer could speak with the land registry and explain the circumstances.

How does conveyancing in Carterton differ for newly converted properties?

Most buyers of new build premises in Carterton contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Carterton typically buy the land, 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 Carterton or who has acted in the same development.

I am attracted to a couple of flats in Carterton both have about fifty years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area.

Carterton Leasehold Conveyancing - Sample of Queries Prior to buying

How many of the leaseholders are in arrears for their maintenance charge payments? The best form of lease arrangement is a share of the freehold. In this arrangement the leaseholders benefit from control and even though a managing agent is usually employed if it is bigger than a house conversion, the managing agent is directed by the tenants. It is important to be aware if fixing the lift or some other significant cost is anticipated to be shared by the leaseholders and will materially impact the level of the maintenance fees or require a specific invoice.