Our conveyancer has discovered a defect with the lease for the property we are purchasing in Chard. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the bank?
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 lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 conveyancing practitioner will have no choice but to discontinue acting for you.
We're in Chard, FTBs buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial premises in Chard?
Many commercial conveyancing solicitors in Chard will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Chard. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Chard.
For each commercial conveyancing transaction in Chard it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Chard commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Chard.
How does conveyancing in Chard differ for new build properties?
Most buyers of new build property in Chard approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Chard tend to purchase 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 conveyancers 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 Chard or who has acted in the same development.
My conveyancing in Chard is completing next Friday, yet the owners I am purchasing off wants to vacate 24 hours later at at 2pm. Do I accept this?
It is not possible to complete on a Saturday because the bank systems are not operating.