My conveyancer has discovered a a problem with the lease for the apartment we are buying in Upper Clapton. The other side have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
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 conveyancer 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 bank 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.
Will our conveyancer be asking questions about flooding as part of the conveyancing in Upper Clapton.
The risk of flooding is if increasing concern for solicitors dealing with homes in Upper Clapton. There are those who buy a house in Upper Clapton, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Upper Clapton. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to discover whether the property has suffered from flooding. If the property has been flooded in past and is not disclosed by the seller, then a purchaser could commence a legal claim for losses resulting from an inaccurate reply. A purchaser’s solicitors should also carry out an environmental report. This should higlight if there is a recorded flood risk. If so, more detailed inquiries should be initiated.
How does conveyancing in Upper Clapton differ for new build properties?
Most buyers of new build residence in Upper Clapton come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Upper Clapton tend to 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 property lawyers 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 Upper Clapton or who has acted in the same development.
I am looking for a flat up to £195,000 and found one round the corner in Upper Clapton I like with a park and railway links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Upper Clapton for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I need to appoint a conveyancing solicitor for sale conveyancing in Upper Clapton. I've land on a web site which looks to be the ideal solution If there is a chance to get all the legals done via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?