Our conveyancer has uncovered a a legal deficiency with the lease for the property we are buying in Fitzrovia. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the bank 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 potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Fitzrovia? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you need to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to provide ID verification documents, your lawyer would not be able to act for you.
My wife and I purchasing a victorian detached house in Fitzrovia. We would like to carry out a loft conversion at the property.Will the conveyancing process involve enquiries to determine if these alterations are prohibited?
Your conveyancer should check the deeds as conveyancing in Fitzrovia will on occasion identify restrictions in the title documents which prohibit certain works or necessitated the consent of a 3rd party. Some additions need local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
I have paid off my mortgage with Co-operative. I assume I don't need a Fitzrovia conveyancer on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
Completion of my purchase has taken place for my property in Fitzrovia. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I completed on my apartment on 16 April and the transaction details is not yet registered. Should I be concerned? My conveyancing solicitor in Fitzrovia expressed confidence that it should be concluded in a couple of weeks. Are titles in Fitzrovia uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Fitzrovia registration formalities. Rather than based on location, timeframes can vary depending on the party submitting the application, whether it is in order and if the Land registry communicate with any other persons or bodies. At present in the region of three quarters of such applications are completed in less than three weeks but occasionally there can be longer delays. Registration is effected once the buyer has moved in to the premises therefore post completion formalities is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Fitzrovia is where the house is located. What do you suggest?
Flying freeholds in Fitzrovia are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fitzrovia you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fitzrovia 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 property.
Is there a reason that Fitzrovia conveyancing charges are more expensive for leasehold and freehold properties?
When acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control