My lawyer has discovered a a problem with the lease for the property we are buying in Lancing. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions must be adhered to.
is it true that all Lancing solicitor firms on the Leeds Building Society conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel and in such a situation the firms would be governed by the Council of Licensed Conveyancers.
We expect to receive a AIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Lancing solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lancing solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I have paid off my mortgage with HSBC. I assume I don't need a Lancing property lawyer on the HSBC panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC 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 HSBC mortgage from the register. HSBC, 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 HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
How does conveyancing in Lancing differ for new build properties?
Most buyers of new build premises in Lancing contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Lancing usually purchase the land, 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 used to new build conveyancing in Lancing or who has acted in the same development.
I was recommended by three or four local property agents in Lancing to select a solicitor on your site. Is there a financial inducement for Estate Agents to promote your site rather than another?
We don’t make any commission for directing people to this site. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are FTB’s - agreed a price, but the selling agent told us that the owners will only proceed if we appoint the agent's chosen solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer who is accustomed to conveyancing in Lancing
We suspect that the owner is unaware of this ultimatum. Should the vendor desire ‘a quick sale', alienating a motivated buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make sure they understand (a)you are genuine purchasers (b)you are ready to go, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)however you intend to use your preferred Lancing conveyancing firm - not the ones that will provide their estate agent a commission or hit his conveyancing thresholds set by corporate headquarters.
Jane (my partner) and I may need to rent out our Lancing 1st floor flat temporarily due to taking a sabbatical. We used a Lancing conveyancing firm in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
The lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Lancing do not prevent subletting altogether – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Leasehold Conveyancing in Lancing - A selection of Questions you should consider Prior to buying
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The answer will be helpful as a) areas may cause problems in the building as the communal areas may begin to deteriorate if services remain unpaid b) if the tenants have a dispute with the running of the building you will want to have complete disclosure The best form of lease structure is a share of the freehold. In this situation the lessees have being in charge if their destiny and even though a managing agent is often employed where it is larger than a house conversion, the managing agent is directed by the tenants. Is anyone aware of any major works on the horizon that could add a premium to the service costs?