Our lawyer has uncovered a a problem with the lease for the flat we are purchasing in Upper Holloway. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is happy 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 mortgage company are the client. Your conveyancing practitioner 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 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 lawyer will have no choice but to discontinue acting for you.

At what point does exchange of contracts occur in residential conveyancing in Upper Holloway and do I need to attend the lawyers branch?

If you are in close proximity to our conveyancing solicitors in Upper Holloway you are invited in to sign documents. That being said, the law practices we work with provide countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when dealing with you digitally. The executing of the purchase agreement is not the point of no return. A signed contract is just a prerequisite for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Upper Holloway)to be in the office available at the end of the phone to exchange contracts.

I have been told that property searches are the number one cause of hinderance in Upper Holloway conveyancing transactions. Is that correct?

The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Upper Holloway.

Just had an offer accepted on a new build apartment in Upper Holloway. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Upper Holloway

If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.

I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Upper Holloway is where the house is located. Can you offer any advice?

Flying freeholds in Upper Holloway are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Upper Holloway you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Upper Holloway may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.