Our conveyancer has discovered a a legal deficiency with the lease for the flat we are purchasing in Roker. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must ensure that the bank is content with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender 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 provisions. You and the lender are the client. The appropriate lender conditions have to be complied with.
I just acquired a house at auction in Roker. Conveyancing is needed. What are my next steps?
Having exchanged you must hire the services of a conveyancing practitioner as a matter of priority as you are faced with a tight deadline in which to complete the purchase. All auction property will have a corresponding legal pack. This will likely include most,if not all of the documents that your conveyancer requires. Where you are dealing with leasehold property the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that you have funds organised to complete on the date specified in the contract.
This question may be naive but I am unseasoned as FTB of a garden flat in Roker. Do I receive the keys to the premises on completion from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Roker?
On the day of completion you will not be required to attend the conveyancers office in Roker. Conveyancing lawyers for you will transfer the purchase money to the seller's solicitors, and once they have received this, you will be called to pick up the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
Is it the case that all Roker conveyancing solicitors on the Lloyds conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Lloyds approved list of solicitors they would need to be governed by the SRA. Some mortgage companies do allow licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
Due to the encouragement of my in-laws I had a survey completed on a house in Roker prior to appointing conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders will not give a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Roker. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been advised by a couple of local estate agents in Roker to select a property lawyer on your site. Is there a financial advantage for Estate Agents to offer your site rather than another?
We refuse to make any commission for sending work in our direction. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I’m about to sell my ground floor apartment in Roker. Conveyancing is yet to be initiated, but I have recently had a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the service charge as usual as all rents and maintenance payments will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Roker Leasehold Conveyancing - Sample of Questions you should consider before buying
The best form of lease structure is where the freehold reversion is owned by the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Be sure to enquire if there are any onerous restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Roker. If you love the propertyin Roker yet your cat is not allowed to make the move with you then you will be faced hard determination. Are there any major works in the near future that will likely add a premium to the service costs?