My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in Saltdean. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check 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 potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. 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.
Will conveyancers ask for money up-front for my conveyancing in Saltdean?
Where you are retaining lawyers for conveyancing in Saltdean your solicitor will request that you put them with monies to cover the the cost of the conveyancing searches. Normally this is called for to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be needed immediately before contracts are exchanged. The final balance that is due will be payable a few days ahead of the day of completion.
What does a local search reveal regarding the house we're purchasing in Saltdean?
Saltdean conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search plays a central part in most Saltdean conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search will supply information on, amongst other things, details on planning applications relevant 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 13 topic headings.
My wife and I have a terraced Victorian property in Saltdean. Conveyancing practitioner represented me and Clydesdale. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Saltdean and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the purchase.
I was pointed in your direction by numerous selling agents in Saltdean to choose a solicitor on your site. What’s the financial inducement for Estate Agents to market your services rather than alternative conveyancing organisations?
We don’t give any referral fee for sending work our way. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.