My solicitor has uncovered a defect with the lease for the flat we are buying in Shrivenham. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the bank 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 lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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.
As someone not used to conveyancing in Shrivenham what is your top tip you can give me for the house moving process in Shrivenham
Not many law firms shout this from the rooftops but conveyancing in Shrivenham or throughout England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of opportunity for confrontation between you and others involved in the transaction. For example, the vendor, estate agent and even potentially your bank. Selecting a lawyer for your conveyancing in Shrivenham is a critical decision as your conveyancer is your adviser, and is the ONE party in the process whose role it is to act in your best interests and to protect you.
On occasion a potential adversary may attempt to convince you that you should follow their advice. As an example, the property agent may claim to be helping by claiming that your solicitor is dragging his heels. Or your mortgage broker may tell you to do something that is against your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
A friend recommended that if I am buying in Shrivenham I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Shrivenham conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Shrivenham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Shrivenham Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Shrivenham Education with maps and statistics, Local Amenities and other useful information about Shrivenham.
It has been four months following my purchase conveyancing in Shrivenham completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the advice of my in-laws I had a survey completed on a house in Shrivenham in advance of appointing lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks may not grant a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different requirements for example to Halifax. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shrivenham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shrivenham to see if the conveyancing will be more expensive.