Our conveyancer has identified a a legal deficiency with the lease for the property we are buying in Barrow upon Humber. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the lender?
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 solicitor 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 mortgage company 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 residence in Barrow upon Humber but still pay rent, why is this and what is this?
It’s unusual for properties in Barrow upon Humber and has limited impact for conveyancing in Barrow upon Humber 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 have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We hope to to purchase with Loughborough BS. We have called around locally yet am unable to find a Barrow upon Humber conveyancing firm on the Loughborough BS panel. Could you assist?
You should take advantage of the find a lender approved solicitor tool on this site. Pick the mortgage company and type Barrow upon Humber or your location and you will discover a number of lawyer based in Barrow upon Humber or by proximity to you.
Should our conveyancer be making enquiries regarding flooding during the conveyancing in Barrow upon Humber.
Flooding is a growing risk for solicitors dealing with homes in Barrow upon Humber. There are those who purchase a house in Barrow upon Humber, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a various searches that may be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Barrow upon Humber. The standard information supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer may bring a compensation claim as a result of such an incorrect reply. A buyer’s lawyers should also commission an environmental search. This should reveal if there is a recorded flood risk. If so, further investigations will need to be carried out.
About to purchase a new build flat in Barrow upon Humber. Conveyancing is daunting 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Barrow upon Humber
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are architect prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I'm remortgaging my existing property to a buy to let loan with Lloyds TSB Bank and I will use the rest of the raised equity towards a second house. The neighborhood we are looking at is Barrow upon Humber. Will your lawyers be able to act for the two lenders and tie in the conveyances?
Do use our search tool on this site to be sure that the solicitors are on the relevant lender panels. Having checked that they are your lawyer should be able to connect the two conveyancing matters but you should talk with you solicitor and specify your expectations and requirements.