Our solicitor has uncovered a a problem with the lease for the property we are purchasing in Whitefield. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
Why is leasehold purchase conveyancing in Whitefield is more expensive?
Whitefield leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Will our solicitor be making enquiries about flooding during the conveyancing in Whitefield.
Flooding is a growing risk for solicitors dealing with homes in Whitefield. Some people will acquire a house in Whitefield, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable 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.
Lawyers are not qualified to impart advice on flood risk, however there are a various searches that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Whitefield. The conventional set of property information forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to find out if the premises has ever been flooded. If the residence has been flooded in past and is not revealed by the seller, then a buyer could issue a claim for damages as a result of such an misleading answer. A purchaser’s conveyancers may also commission an environmental report. This will disclose whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
I used Arc property Solicitors several years ago for my conveyancing in Whitefield. Now, I need the files but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Whitefield of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
What type of premises does your Whitefield conveyancing quotes apply to?
Our conveyancing quotes are only relevant to standard domestic homes in England & Wales. If you have any different needs for instance industrial or agricultural land or commercial conveyancing in Whitefield do contact us to discuss your requirements .