My lawyer has uncovered a a legal deficiency with the lease for the flat we are buying in Geddington. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must check that the lender is happy with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the bank 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. The appropriate lender conditions have to be complied with.
What happens if my lawyer’s firm is removed from the Clydesdale Solicitor panel ahead of completing my conveyancing in Geddington?
First, 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.
What can a local search inform me concerning the property we're purchasing in Geddington?
Geddington conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search is essential in every Geddington conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search will provide data on, amongst other things, details on planning applications relevant to the property (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 13 subject areas.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Geddington I like with open areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Geddington suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
We are 14 days into a residential purchase having been recommend to solicitors by the estate agent to carry out the conveyancing in Geddington. I am am very disappointed with the quality of service. Could you help me find new lawyers?
A solicitor would need to be really poor to suggest diss instructing them. Has the mortgage offer been sent? In the event that it has you need to inform them of the replacement lawyer and ensure the mortgage documents are issued to the new lawyers. Your conveyancer should be on the banks panel to avoid supplemental fees and complications. That should be your starting point. The find a solicitor tool can help you find a bank approved conveyancer for your conveyancing in Geddington