My partner and I are hoping to acquire a house in Broadstone and are in fact using a Broadstone conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Virgin Money have this afternoon contacted us to advise us that they have now hit a problem as our Broadstone solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Broadstone solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our conveyancer has discovered a a legal deficiency with the lease for the flat we are buying in Broadstone. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender specifications must be adhered to.
Me and my brother purchased a terraced Edwardian property in Broadstone. Conveyancing lawyer acted for me and Accord Mortgages Ltd. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold under the matching property. Is it worth asking Accord Mortgages Ltd to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Broadstone and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing solicitor who conducted the purchase.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Broadstone is where the house is located. Is there any advice you can impart?
Flying freeholds in Broadstone are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Broadstone you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Broadstone may determine 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 residence.
I am thinking of appointing a conveyancing solicitor in Broadstone for my sale. Is there any facility to see a solicitor's complaints history with the legal regulator?
One may search for documented Solicitor Regulator Association (SRA) decisions stemming from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA may recorded call for training reasons.
If all goes to plan we aim to complete the sale of our £475,000 flat in Broadstone next Thursday. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Broadstone?
Broadstone conveyancing on leasehold maisonettes normally involves administration charges raised by management companies :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Broadstone
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Broadstone Leasehold Conveyancing - Sample of Questions you should consider before buying
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How many of the leaseholders are in arrears for their maintenance charge payments? Does the lease have more than 90 years unexpired? The best form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders have control and notwithstanding that a managing agent is usually retained if it is bigger than a house conversion, the managing agent employed by the leaseholders.