Our lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Molesey. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the lender is content 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 property 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 lender 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 solicitor will have no choice but to discontinue acting for you.
What does a local search reveal regarding the property I am purchasing in Molesey?
Molesey conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example Onsearch The local search is essential in every Molesey conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search should reveal information on, amongst other things, details on planning applications applicable to the premises (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 thirteen topic headings.
I own a terraced Victorian property in Molesey. Conveyancing lawyer acted for me and Aldermore. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Molesey and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Molesey differ for newly converted properties?
Most buyers of new build residence in Molesey contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Molesey usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Molesey or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Molesey before retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may refuse to issue a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Molesey. Conveyancing will be smoother if you use a solicitor in Molesey especially if they regularly deal with such properties in Molesey.