My lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Yarm On Tees. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
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 conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. 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 property lawyer will have no choice but to discontinue acting for you.
I own a freehold premises in Yarm On Tees yet charged rent, why is this and what is this?
It’s unusual for properties in Yarm On Tees and has limited impact for conveyancing in Yarm On Tees but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Despite weeks of looking the Title Certificate and documents to our house are lost. The conveyancers who dealt with the conveyancing in Yarm On Tees 10 years ago are no longer around. Will I be able to sell the house?
Nowadays there are copies made of almost everything, and your lawyer should be aware exactly where to look for all the relevant documentation so you can buy or sell your property without a hitch. Where copies are not available, your solicitor can arrange cover in the form of insurance or indemnities protecting you against possible claims on the premises.
Hoping to buy a property located in Yarm On Tees and I am already nervous. I couldn't find anything specific about Yarm On Tees. Conveyancing will be needed in due course but do you know about the Yarm On Tees area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Yarm On Tees. In the meantime here are some basic statistics that we found
My wife and I have selected a Yarm On Tees conveyancing solicitor for our home move (FTB’s) and have picked up in the terms and conditions that they are not covered by the FCA. Should I be concerned or is that the norm with conveyancer?
We can't see why they should be. Most property lawyer don't lend money. They should be governed by the Solicitors Regulation Authority, who set strict rules covering monies deposited by them.