My solicitor has identified a defect with the lease for the apartment we are buying in Putney. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must check that the lender is happy with this solution. Who is the client here, us or the lender?
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 conveyancer 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.
At what point can the exchange of contracts happen for residential conveyancing in Putney and am I required to attend the lawyers branch?
If you are near to one of the conveyancing solicitors in Putney you are welcome to attend to sign contracts. That being said, the lender approved solicitors we work with offer a nationwide conveyancing service and provide just as comprehensive and professional a job for you when dealing with you electronically. The signing of the sale agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the conveyancer to address the formalities at the appropriate time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Putney)to be in the office available at the end of the phone to exchange contracts.
We're in Putney, FTBs purchasing with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I purchased a renovated Edwardian property in Putney. Conveyancing solicitor represented me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Putney and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing solicitor who carried out the work.
About to purchase a new build apartment in Putney. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Putney
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I have recently placed an offer on an apartment in Putney and the mortgage adviser that we are dealing with suggested his property lawyer. She quoted a thousand pounds plus VAT and disbursements. Does this sound expensive?
Don't just go on a single quote. One should obtain like-for-like quotes for your conveyancing in Putney. Then choose one that you are comfortable with and crucially, is on the approved list of the lender that you are sourcing your mortgage from.