Our solicitor has uncovered a a legal deficiency with the lease for the property we are buying in Tidworth. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the lender is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
How does conveyancing in Tidworth differ for newly converted properties?
Most buyers of new build premises in Tidworth approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because developers in Tidworth typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Tidworth or who has acted in the same development.
Are there any apps to help locate a Tidworth solicitor on the Bank of Ireland conveyancing panel? I have a car and am willing to travel upto 25kilometers to meet the lawyer.
You can use the search on this website. Please pick a bank and your location and you will see a number of Tidworth conveyancing lawyers located nearest you. We have listed some Tidworth conveyancing firms at the bottom of this page and you can call them to see whether they are on the Bank of Ireland panel
My husband and I are new on the property ladder - had an offer accepted, but the selling agent told us that the seller will only go ahead if we use their chosen conveyancers as they are insisting on an ‘expedited deal’. We would rather use a family conveyancer accustomed to conveyancing in Tidworth
We suspect that the owner is unaware of this demand. If they want ‘a quick sale', taking such a hostile approach to a genuine purchaser is is going to put the whole deal at risk. Speak to the vendors direct and make the point that (a)you are motivated buyers (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you will continue to appoint your own,trusted Tidworth conveyancing firm - as opposed tothe ones that will provide their negotiator at the agency a introducer fee or hit his conveyancing figures set by corporate headquarters.
I’m about to sell my ground floor apartment in Tidworth. Conveyancing is yet to be initiated, but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal given that all rents and maintenance invoices will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
Tidworth Leasehold Conveyancing - Sample of Questions you should consider before buying
Does the lease have onerous restrictions? Is the freehold owned jointly by the tenants? How many of the leaseholders are in arrears for their maintenance charge payments?