Our lawyer has uncovered a defect with the lease for the flat we are buying in Copthorne. 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 says that he must ensure that the lender is content with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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 conditions must be adhered to.
Can you explain why leasehold purchase conveyancing in Copthorne costs more?
Copthorne leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
How does conveyancing in Copthorne differ for new build properties?
Most buyers of new build or newly converted property in Copthorne come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Copthorne usually purchase the real estate, 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 conveyancers 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 Copthorne or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Copthorne is where the house is located. Is there any advice you can give?
Flying freeholds in Copthorne are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Copthorne you must be sure that your lawyer goes 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 Copthorne may ascertain 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 property.
What does commercial conveyancing in Copthorne cover?
Commercial conveyancing in Copthorne covers a wide array of guidance, supplied by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My father has encouraged me to appoint his conveyancers in Copthorne. Do I take his recommendation?
No doubt the best way to choose a conveyancing solicitor is to get guidance from friends or relatives who have actually used the firm that you are contemplating using.