My conveyancer has identified a a legal deficiency with the lease for the apartment we are buying in Colwall. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must check that the bank is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender 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 conveyancer will have no choice but to discontinue acting for you.
What does a local search reveal about the house my wife and I purchasing in Colwall?
Colwall conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company such as Searchflow The local search is essential in every Colwall conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Are there restrictive covenants that are commonly identified as part of conveyancing in Colwall?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Colwall. 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 Colwall differ for new build properties?
Most buyers of new build or newly converted property in Colwall approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because developers in Colwall usually acquire 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 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 used to new build conveyancing in Colwall or who has acted in the same development.
Why is New Build conveyancing in Colwall more costly?
Acquiring a brand new home is significantly different from the standard house purchase conveyancing in Colwall. Firstly sellers usually insist contracts to exchange inside a short timeframe, the result being a a great deal of pressure on your lawyer to make sure everything is in order. In addition new build conveyancing often involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage lender requirements are also more demanding. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.