Our conveyancer has identified a a problem with the lease for the property we are buying in Kearsley. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the bank 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 risk of a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. 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 property lawyer will have no choice but to discontinue acting for you.
There are numerous conveyancing solicitors in Kearsley but how do I know who's good?
We would encourage you not to base your choice on the cheapest Kearsley conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
We have agreed to purchase a house in Kearsley. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
As you are obtaining a mortgage with Santander your lawyer must comply with the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and solicitors are required to report to Santander where a lease fails to satisfy these requirements. The conditions relate to the installation of panels on properties nationwide and is not isolated to Kearsley.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Kearsley conveyancing practitioner on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
Should our conveyancer be raising enquiries about flooding during the conveyancing in Kearsley.
Flooding is a growing risk for conveyancers specialising in conveyancing in Kearsley. Plenty of people will acquire a house in Kearsley, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that can be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Kearsley. The standard completed inquiry forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to discover whether the property has suffered from flooding. If the premises has been flooded in past which is not disclosed by the vendor, then a buyer may bring a legal claim for losses resulting from an misleading response. The buyer’s lawyers may also conduct an enviro search. This will indicate if there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
Despite weeks of looking the Title Certificate and documents to my house are lost. The lawyers who conducted the conveyancing in Kearsley 4 years ago no longer exist. What are my next steps?
In today’s world there are duplicates made of almost everything, and your solicitor should know precisely where to locate all the suitable documentation so you can buy or sell your property without a hitch. If duplicates can’t be located, your lawyer may be able to put in place insurance or indemnities protecting you against future claims on the premises.
One month into purchasing a residence in Kearsley. Conveyancing lawyer has phoned to say the title is "Leasehold". Should this impact our Natwest valuation?
Kearsley conveyancing does not in most situations involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's virtually freehold, so it’s unlikely to affect the value significantly.
At the other end of the spectrum, if it's, say, Sixty years it is bound to have a material effect on the saleability, and most likely wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be stated in the lease which should be made available to your solicitor.