My conveyancer has discovered a a problem with the lease for the apartment we are buying in Cockfosters. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
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 lawyer 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 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 conveyancer will have no choice but to discontinue acting for you.
We note that you have a post code search directory identifying law firms on the RBS conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Cockfosters?
We are a listing service only for law firms wishing to communicate if they are on the RBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Cockfosters.
I got the keys to my house on 2 July and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Cockfosters expressed confidence that it should be concluded inside ten days. Are properties in Cockfosters uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Cockfosters registration formalities. As opposed to being determined by geographic area, timescales can differ according to the party submitting the application, whether there are errors and if the Land registry have to notify any 3rd parties. As of today approximately three quarters of such applications are completed in less than three weeks but some can be subject to longer hold-ups. Registration occurs once the new owner is living at the premises so registration formalities is not typically top priority but if it is urgent that the the registration takes place urgently then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.
I am looking for a leasehold apartment up to £245,000 and found one near me in Cockfosters I like with open areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Cockfosters for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage that many years will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I have been advised by a few estate agents in Cockfosters to select a conveyancer using your seach tool. What’s the financial upside for Estate Agents to market your services over and above alternative conveyancing organisations?
We refuse to give any commission for directing people our way. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Cockfosters. I've discover a site which looks to be the ideal solution If it is possible to get all this stuff completed via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?