Our lawyer has identified a a problem with the lease for the apartment we are purchasing in Chorley. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with 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 conveyancer will have no choice but to discontinue acting for you.
My wife and I have arranged the release of further funds on our mortgage from TSB as we intend to carry out alterations to our home in Chorley. Are we obliged to appoint a nearby Chorley solicitor on the TSB conveyancing panel to handle the paperwork?
TSB don't usually instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
I am buying a property in Chorley. A rare aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with UBS your lawyer must comply with the formal instructions outlined in Section 2 of UK Finance Lenders’ Handbook for UBS. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to UBS where a lease does not comply with these specifications. The requirements relate to the installation of panels on properties countrywide and is not restricted to Chorley.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Chorley bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Chorley conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
The lawyer must comply with the Council of Mortgage Lenders’ Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I require fast conveyancing in Chorley as I am under an ultimatum to exchange contracts in less than one month. Thankfully I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
As you are not getting a mortgage you are at free not to have searches conducted although no lawyer would advise that you don't. With lots of history conveyancing in Chorley the following are examples of what can crop up and adversely affect future saleability: Enforcement Notices, Outstanding Charges, Outstanding Grants, Railway Schemes,...
Are there restrictive covenants that are commonly picked up as part of conveyancing in Chorley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Chorley. 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…’
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Chorley is where the house is located. Is there any guidance you can give?
Flying freeholds in Chorley are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chorley you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chorley may decide 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.