My solicitor has uncovered a a problem with the lease for the flat we are buying in Llanidloes. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions 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. These conveyancing instructions have to be complied with.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Llanidloes?
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 at a cost.
Will my conveyancer be raising questions about flooding as part of the conveyancing in Llanidloes.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Llanidloes. There are those who buy a house in Llanidloes, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a number of searches that can be initiated by the buyer or by their solicitors which can give them a better understanding of the risks in Llanidloes. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to find out if the property has historically flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser may issue a claim for damages resulting from an incorrect reply. A purchaser’s conveyancers may also conduct an enviro report. This should disclose if there is any known flood risk. If so, more detailed inquiries will need to be carried out.
My husband and I are novice buyers - had an offer accepted, yet the selling agent advised that the owners will only go ahead if we use the agent's recommended conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Llanidloes
We suspect that the seller is unaware of this requirement. If they desire ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Speak to the vendors direct and explain that (a)you are serious purchasers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you are going to use your preferred Llanidloes conveyancing solicitors - not the ones that will earn the negotiator at the agency a commission or achieve conveyancing figures pre-set by head office.
I am in the process of purchasing my 1st home in Llanidloes. Conveyancing lawyer has been appointed. The broker pointed out that a survey is not appropriate as the property was only built in 1997.
As the bare minimum you need a Home Buyer's Report. Given the property was constructed over a decade ago the property will be without a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may be sufficient. The report should highlight any obvious problems and recommend additional investigation if appropriate. If there are any signs of problems obtain a full structural survey.