My solicitor has uncovered a defect with the lease for the property we are purchasing in Buxton. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your lawyer 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I own a freehold property in Buxton yet charged rent, why is this and what is this?
It’s unusual for properties in Buxton and has limited impact for conveyancing in Buxton 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Do I need to pop into the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Buxton so that I can attend their offices if required.
These days approved lawyers for mortgage companies carry out the vast majority of communications through the post, e-mail or over the phone. This enables them to undertake the conveyancing transaction no matter where you live in the country. That being said you can check if you have the option of going to the offices of your conveyancing lawyer if you prefer.
Various online forums that I have frequented warn that are the primary reason for hinderance in Buxton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Buxton.
The deeds to our property are lost. The solicitors who handled the conveyancing in Buxton 4 years ago no longer exist. What are my next steps?
As long as you have a registered title the information relating to your ownership will be retained by HMLR with a Title Number. It is possible to carry out a search at the Land Registry, identify your property and obtain current copies of the property title for less than a fiver. Where the property is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be ordered for twenty pounds.
How does conveyancing in Buxton differ for new build properties?
Most buyers of new build premises in Buxton come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because builders in Buxton tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Buxton or who has acted in the same development.