My conveyancer has discovered a a legal deficiency with the lease for the property we are buying in Castle Eden. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must check that the lender is willing to move forward with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender provisions must be adhered to.
At what point can the exchange of contracts take place for sale conveyancing in Castle Eden and am I required to attend the conveyancers branch?
Where you are near to our conveyancing solicitors in Castle Eden you are invited in to sign documents. However, the law practices we work with offer a nationwide conveyancing service and give just as detailed and professional a job for you when communicating with you by post or email. The executing of the property agreement is not when everything is set in stone. A signed contract simply enables the firm to exchange contracts at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Castle Eden)to be in the office at the appropriate time.
Are there restrictive covenants that are commonly picked up during conveyancing in Castle Eden?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Castle Eden. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Castle Eden differ for newly converted properties?
Most buyers of new build premises in Castle Eden contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Castle Eden usually acquire the real estate, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Castle Eden or who has acted in the same development.
Builders have put forward a property lawyer and I've received an estimate from them. They are nearly £400 less expensive than my local Castle Eden conveyancer. Should I use them?
Developers frequently have lists of solicitors who are quick and who know the developer’s documentation and conveyancing practitioner. As many developers offer an inducement to choose a preferred lawyer for this reason, any increased fees can be avoided and a builder will not suggest a conveyancing factory and run the risk of having the transaction delayed when they want exchange within a tight time frame. A counter-argument for not opting for the suggested property lawyer is that they may prove hesitant to 'push' your interests at the risk of alienating the developer. Where you have concerns that this may be the case you should keep with your local Castle Eden solicitor.