Our solicitor has identified a defect with the lease for the flat we are purchasing in Polesworth. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must check that the bank is happy with this solution. Are we the client or is the lender?
Even though 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 specifications. You and the bank are the client. These conveyancing instructions must be adhered to.
My uncle passed away six months ago and as sole heir and executor I was left the property in Polesworth. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this allowed?
Given you plan to refinance then Principality will insist on your using a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
Should our conveyancer be raising enquiries about flooding during the conveyancing in Polesworth.
Flooding is a growing risk for solicitors dealing with homes in Polesworth. There are those who buy a property in Polesworth, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. 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, however there are a various searches that can be carried out by the buyer or by their conveyancers which should figure out the risks in Polesworth. The conventional set of information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to determine if the premises has suffered from flooding. If the premises has been flooded in past which is not disclosed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an misleading answer. A purchaser’s lawyers will also conduct an enviro search. This will disclose if there is any known flood risk. If so, additional investigations should be initiated.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Polesworth is where the house is located. What do you suggest?
Flying freeholds in Polesworth are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Polesworth you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Polesworth may decide 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.
In searching the world wide web for the phrase conveyancing in Polesworth it reveals numerous conveyancersin the area. How do I determine which is the right conveyancer for my move?
The ideal way of finding the right conveyancer is via trusted recommendation, so enquire of colleagues and relatives who have purchased a property in Polesworth or the respected estate agent or mortgage broker. Charges for conveyancing in Polesworth differ, so it's advisable to secure a minimum of four estimates from varying types of solicitors. Make sure that you know that the fees are fixed.