Our solicitor has uncovered a a problem with the lease for the property we are buying in Kingston Park. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer says that he must check that the lender is content with this solution. Who is the client here, us or the bank?
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 lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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.
Completed the sale of my flat in Kingston Park last March but my buyer keeps Skype messaging me to say their conveyancer needs to hear from mysolicitor. What should have happened following completion?
After completion of your disposal your lawyer should deliver the transfer deeds and all of the paperwork to the purchaser's solicitors. Where appropriate, your lawyer should also evidence that the home loan has been repaid to the purchasers solicitors. There are no post completion formalities peculiar conveyancing in Kingston Park.
About to purchase a new build flat in Kingston Park. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Kingston Park
Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Kingston Park is the location of the property. Is there any guidance you can impart?
Flying freeholds in Kingston Park are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingston Park you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingston Park may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
We are in the throes of selling our flat in Kingston Park. Conveyancing lawyers are doing their job but we are being charged a fortune by the freeholder. So far we have issued a cheque for £237 for a leasehold management pack and then a further £134.40 for answers to questions supplied by the buyers solicitor.
Neither you or your solicitor will have any sway over the extent of the charges for this information however the average fee for the information for Kingston Park leasehold property is £350. For Kingston Park conveyancing deals it is conventional for the owner to cover the charges. The landlord or their agents are under no statutory obligation to address these questions most will be content to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Regretfully there is no legislation that mandates set charges for administrative tasks. Neither is there any set time frame by which they are required to provide answers.