My lawyer has identified a defect with the lease for the flat we are purchasing in Cranfield. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
I am planning on selling our property in Cranfield and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the buyers used a web based conveyancing firm as opposed to a conveyancing solicitor in Cranfield. We have lived in Cranfield for three years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
How does conveyancing in Cranfield differ for newly converted properties?
Most buyers of new build premises in Cranfield contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Cranfield typically 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 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 accustomed to new build conveyancing in Cranfield or who has acted in the same development.
Am I better off to choose a Cranfield conveyancing solicitor based in the location that I am hoping to buy? We have a good friend who can deal with the legal work however her office is a couple of hundredmiles away.
The benefit of a high street Cranfield conveyancing practice is that you can attend the office to sign documents, hand in your ID and apply pressure on them if necessary. Having local Cranfield know how is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and in the main were content that should outweigh using an unfamiliar Cranfield conveyancing solicitor solely due to them being Cranfield based.
Me and my husband have agreed a price on a Cranfield bungalow left to us 8 years ago in 2009. I have over a decades worth of conveyancing knowledge and, although retired, see no reason not to conduct my own legal work. The buyer's property lawyer has informed me that their mortgage company will not allow you to do your own conveyancing mandating that the funds to be sent to a solicitor's bank account.
Lending instructions to conveyancing practitioners from all CML members specify that If the seller is not legally represented the buyer’s lawyers should check whether the mortgage company needs to be notified so that a decision can be made if they are willing to move forward.