My solicitor has identified a defect with the lease for the apartment we are purchasing in Kidderminster. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must check that the bank is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your lawyer 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 bank 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 conveyancer will have no choice but to discontinue acting for you.
Why is leasehold purchase conveyancing in Kidderminster is more expensive?
In summary, leasehold conveyancing in Kidderminster and elsewhere usually involve additional due diligence compared to freehold transactions. This includes reviewing the lease, liaising with the landlord concerning serving required notices, securing up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
I am planning to move property in February. Will my conveyancing solicitor liaise with the removal company on the day of completion. As an aside, can you recommend a removal company in Kidderminster. Conveyancing solicitor was organised before I stumbled across your website.
On the day of completion you will need to pick up the house keys from the estate agent however this can only take place when the vendors solicitors inform the agent that they acknowledge receipt of the completion payment and the keys can be given over. Subsequently you should inform the removal company that you are ready to move in. As a matter of policy we do not recommend a particular removal organisation but can assist you in finding a residential property solicitor in Kidderminster or a solicitor that specialises in conveyancing in Kidderminster.
We expect to receive a AIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Kidderminster solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Kidderminster solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
It is not clear 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 Kidderminster bank branch on numerous occasions and was told they are content with the situation and they would lend. My Kidderminster conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. I have no idea who is right.
The property lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are a common reason for hinderance in Kidderminster house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Kidderminster.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Kidderminster. I happened to chance upon a site which appears to be the ideal answer If it is possible to get all the legals done via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?