My lawyer has identified a a problem with the lease for the property we are purchasing in Woodingdean. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements 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 bank are the client. The appropriate lender requirements have to be complied with.
When will exchange of contracts occur in residential conveyancing in Woodingdean and do I need to attend the solicitors branch?
Where you are near to our conveyancing solicitors in Woodingdean you are invited in to sign documents. That being said, the law practices we recommend supply a countrywide conveyancing service and give just as comprehensive and professional a job for you when communicating with you digitally. The executing of the sale agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to exchange contracts when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Woodingdean)to be in the office at the appropriate time.
The deeds to our home are lost. The lawyers who conducted the conveyancing in Woodingdean 10 years ago are no longer around. What are my options?
As long as the title is registered the information relating to your ownership will be evidenced by the Land Registry under a Title Number. It is easy to execute a search at the Land Registry, identify your house and get up to date copies of the property title for a small fee. If the property is Leasehold then the Land Registry will in most cases hold a certified copy of the Registered Lease and again, a copy can be retrieved for a small fee.
Back In 2001, I bought a leasehold house in Woodingdean. Conveyancing and Godiva Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Woodingdean who acted for me is not around. Do I pay?
First contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Woodingdean conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Woodingdean - Sample of Questions you should ask before Purchasing
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Where a Woodingdean lease has no more than eighty years it will affect the marketability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will probably need a lease extension sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you would need to own the property for a couple of years before you are eligible to exercise a lease extension. The best form of lease arrangement is a share of the freehold. In this scenario the lessees have control and even though a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent retained by the leaseholders. Is the freehold reversion owned jointly by the leaseholders?
My step-son is just in the process of moving home, he had his mortgage in principle. One the offer was accepted on house we contacted the bank to move forward with his. I was very surprised to discover that mortgage lenders do not accept all conveyancer, they must be on their panel, is this legal?
Mortgage Companies normally imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Woodingdean property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.