Our lawyer has uncovered a defect with the lease for the flat we are buying in Okehampton. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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 conveyancer will have no choice but to discontinue acting for you.
We are planning to buy with Melton Mowbray Building Society. I visited a couple of local companies but am unable to find a Okehampton conveyancing firm on the Melton Mowbray Building Society approved list. Could you assist?
You should make the most of the find a conveyancing panel solicitor tool on this web page. Please choose the lender and type Okehampton or your preferred area and you will see a number of lawyer located in Okehampton or nearest you.
How does conveyancing in Okehampton differ for new build properties?
Most buyers of new build or newly converted property in Okehampton come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because builders in Okehampton tend to purchase the site, 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 conveyancing solicitors 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 Okehampton or who has acted in the same development.
I am looking for a flat up to £245,000 and found one close by in Okehampton I like with amenity areas and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Okehampton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce 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 at least 2 years you can request that they commence the lease extension formalities 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 solicitor regarding this.
I need to appoint a conveyancing solicitor for freehold conveyancing in Okehampton. I happened to land on a site which seems to have the ideal solution If there is a chance to get all the legals completed via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My property lawyer in Okehampton has informed me that he requires identification documents stating that this forms part of his legal duty as a conveyancer on the bank Solicitor panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require Okehampton conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements