Our conveyancer has discovered a a problem with the lease for the apartment we are purchasing in Duffield. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 solicitor will have no choice but to discontinue acting for you.
Can your site be used to locate a Conveyancing solicitor in Duffield even if I’m not buying or disposing of a house, for example if I intend to buy a shop in Duffield with a loan from Virgin Money?
The service is predominantly there to locate domestic conveyancing solicitors in Duffield but we have listed towards the bottom of this page a selection of Duffield commercial conveyancing firms. You will need to speak with the solicitors directly to establish if they can also act for Virgin Money
How does conveyancing in Duffield differ for newly converted properties?
Most buyers of new build premises in Duffield come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Duffield typically purchase the site, 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 Duffield or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Duffield I like with amenity areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Duffield suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Are all Duffield property lawyers on every lender conveyancing panel?
You can use our search tool or you can go into your local lender branch in Duffield. Chances are that they will be in a position to list some approved conveyancing solicitors in Duffield