Our solicitor has uncovered a a problem with the lease for the flat we are buying in Norfolk. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
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 conveyancer 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I need some fast conveyancing in Norfolk as I am faced with an ultimatum to sign on the dotted line within 2 weeks. A mortgage is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not taking a home loan you have the choice not to have searches conducted although no solicitor would recommend that you don't. With plenty of history conveyancing in Norfolk the following are instances of issues that can appear and therefore affect market value: Enforcement Actions, Outstanding Fees, Outstanding Grants, Railway Schemes,...
About to purchase a new build flat in Norfolk. 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 legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Norfolk
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I opted to have a survey completed on a property in Norfolk in advance of instructing solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some banks may refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Norfolk. Conveyancing will be smoother if you use a solicitor in Norfolk especially if they regularly deal with such properties in Norfolk.
My father-in-law has suggested that I appoint his conveyancing solicitors in Norfolk. Should I use them?
No doubt the best way to select a conveyancing lawyer is to seek feedback from friends or family who have actually experience in using the solicitor you're considering.