Can you clarify what the consequences are if my lawyer’s firm is expelled from the Co-operative Solicitor panel ahead of completing my conveyancing in Frizington?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
This question may be naive but I am unseasoned as a first time buyer of a two bedroom flat in Frizington. Do I pick up the keys to the premises on completion from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Frizington?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you should be called to receive the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
Completion of my purchase has taken place for my property in Frizington. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Frizington bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Frizington conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend in accordance with their published requirements. Who do I believe?
The property lawyer must comply with the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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.
4 months have elapsed since my purchase conveyancing in Frizington took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build apartment in Frizington. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Frizington
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants.
Please can you explain what my options are if my Frizington conveyancing searches reveals adverse results?
Ordinarily, almost all adverse entries that arise in Frizington conveyancing search results can be handled in advance of completion or indemnity insurance could possibly be put in place. It is crucial to note that although you intend on buying the property and might be content to live with the search results, your lender may not, and ultimately have the final decision.