My lawyer has uncovered a defect with the lease for the property we are purchasing in Machynlleth. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the lender is content 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 mortgage company 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 lender 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 property lawyer will have no choice but to discontinue acting for you.
It is 10 years ago since I acquired my property in Machynlleth. Conveyancing solicitors have now been retained on the sale but I can't track down my title deeds. Is this a problem?
You need not be too concerned. First the deeds may be kept by your mortgage company or they may be in the possession of the conveyancers who oversaw the purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining current official copies of the land registers. The vast majority of conveyancing in Machynlleth involves registered property but in the rare situation where your property is not registered it is more problematic but is resolvable.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the TSB Conveyancing panel ahead of completing my conveyancing in Machynlleth?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Machynlleth?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Machynlleth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Am I best advised to go with a Machynlleth conveyancing practitioner based in the vicinity that I am purchasing? I have an old university friend who can perform the conveyancing however her office is 300kilometers drive away.
The primary upside of using a high street Machynlleth conveyancing firm is that you can visit the firm to execute paperwork, hand in your ID and pester them if necessary. Having local Machynlleth know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and on the whole were impressed that must outweigh using an unknown Machynlleth conveyancing solicitor solely due to them being local.
I only have Fifty years left on my lease in Machynlleth. I now wish to get lease extension but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the lessor. In some cases a specialist would be useful to try and locate and prepare an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Machynlleth.
Machynlleth Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
-
It is important to be aware whether changing the roof or some other major work is pending that will be shared between the tenants and may well materially impact the level of the service costs or require a specific invoice. Is there a share of the freehold?