Our conveyancer has identified a a legal deficiency with the lease for the flat we are buying in Clapton. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Do I have to attend the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Clapton so that I can attend their offices when needed.
As opposed to ten years ago, almost all mortgage companies no longer require their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to provide ID documents and there are still distinct benefits to instructing a locally based practitioner, in your case a conveyancing solicitor in Clapton.
I am close to exchanging contracts on the sale of our house in Clapton and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the buyers instructed an online conveyancing practice as opposed to a conveyancing solicitor in Clapton. Having lived in Clapton for three years we know of no issue. Do we get in touch with our local Authority to obtain confirmation need.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Should I be suspicious about brokers that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Clapton conveyancing practice?
As with many professional services, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are lots of players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to use. Sometimes the solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You have the right to select your preferred conveyancer. You need to be aware that some lenders specify a panel list of conveyancers you are obliged to use for the mortgage aspect of your home move.
I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Clapton. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Clapton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Clapton so you should seriously consider shopping around for a Clapton conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I inherited a ground floor flat in Clapton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Freehold Enfranchisement case for a Clapton property is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case was in relation to 10 flats. The unexpired term was 71.25 years.
My parents cant seem to find their Clapton property on the HM Land Registry site. They have a vague recollection back in the 60’s when they bought the property there were complications regarding Clapton not being recognised in some systems.
Almost all properties in Clapton should show up. Have you attempted a search with just the postcode. Normally it should identify all the residences inside the postcode. Assuming the property is recorded it will show up with a title number. Where they bought 50 years ago it's conceivable it may be not yet registered. The property might still be revealed but with the title number shown 'na'. In this scenario you will need to find the original title deeds which could be with your parent’s lender.