My solicitor has uncovered a a problem with the lease for the property we are buying in New Quay. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must check that the lender is content with this solution. Who is the client here, us or the lender?
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 conditions. 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 solicitor will have no choice but to discontinue acting for you.
I am expecting a DIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any New Quay solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint New Quay solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I am selling my flat. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, RBS are being a right pain. The New Quay solicitor who is on the RBS conveyancing panel is recommending indemnity insurance as a solution but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have instructed a New Quay solicitor having checked that they are on the Skipton conveyancing panel. Does my lawyer arrange the survey of the property?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your New Quay postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in New Quay.
Will my conveyancer be raising enquiries about flooding during the conveyancing in New Quay.
Flooding is a growing risk for conveyancers specialising in conveyancing in New Quay. There are those who purchase a house in New Quay, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or by their lawyers which will figure out the risks in New Quay. The standard completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to discover whether the property has ever been flooded. If flooding has previously occurred which is not revealed by the owner, then a purchaser could commence a compensation claim resulting from an inaccurate answer. A purchaser’s solicitors should also commission an enviro search. This should higlight whether there is a recorded flood risk. If so, more detailed inquiries should be conducted.
three months have gone by since my purchase conveyancing in New Quay concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £245,000 and found one near me in New Quay I like with a park and transport links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in New Quay suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I'm remortgaging my existing home to a buy to let mortgage with Virgin Money and I will use the ballance of the raised equity as a down payment on another house. The area we are interested in is New Quay. Will your conveyancers be able to act for both sets of mortgage companies and tie in the two deals?
Make use of our comparison tool on this page to check that the conveyancers are approved by both mortgage companies. Assuming that they are the solicitor should be able to connect the two transactions but you should talk with you solicitor and make clear your expectations and requirements.