My conveyancer has discovered a a legal deficiency with the lease for the property we are buying in Earlsfield. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
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 conveyancer must comply with the UK Finance Lenders’ Handbook specifications. 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 property lawyer will have no choice but to discontinue acting for you.
Finally the sale completed on my house in Earlsfield last July but our buyer keeps Skype messaging me complaining that his solicitor is waiting to hear from mysolicitor. What should have happened following completion?
Following your house sale your solicitor should deliver the transfer documentation and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your solicitor should also confirm that the mortgage has been paid off to the purchasers conveyancers. There are no post completion requirements specific conveyancing in Earlsfield.
How does conveyancing in Earlsfield differ for new build properties?
Most buyers of new build premises in Earlsfield approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Earlsfield typically buy 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 property lawyers 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 Earlsfield or who has acted in the same development.
What does commercial conveyancing in Earlsfield cover?
Earlsfield conveyancing for business premises incorporates a wide range of services, offered by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
Should I go with a Earlsfield conveyancing solicitor who is local to the property I am buying? An old friend can conduct the legal work but his firm is located a couple of hundredkilometers away.
The benefit of a local Earlsfield conveyancing practice is that you can attend the office to execute paperwork, hand in your ID and pester them where appropriate. Having local Earlsfield know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and the majority were impressed that should surpass using an unknown Earlsfield conveyancing solicitor just because they are round the corner.