My conveyancer has uncovered a a problem with the lease for the property we are purchasing in Risca. The other side have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer says that he must ensure that the bank is willing to move forward 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 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 property lawyer will have no choice but to discontinue acting for you.
It is is a decade since I purchased my house in Risca. Conveyancing lawyers have recently been instructed on the sale but I am unable to track down the title deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be retained by your mortgage company or they may be in the possession of the lawyers who acted in the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Risca involves registered property but in the unlikely event that your home is not registered it is more tricky but is not insurmountable.
My wife and I have a 4 bedroom Georgian house in Risca. Conveyancing lawyer acted for me and Virgin Money. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the exact same address. I'd like to know for sure, how can I find out??
You should read 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Risca and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing solicitor who conducted the work.
I am buying my first flat in Risca with the aid of help to buy. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not to tell my solicitor about the side-deal as it could jeopardize my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How can the Landlord & Tenant Act 1954 affect my business premises in Risca and how can you help?
The particular law that you refer to provides security of tenure to commercial leaseholders, granting the a statutory right to apply to court for a new lease and remain in occupation at the end of an expired lease. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Risca is one of the numerous areas of the UK in which our lawyers are based
How easy is it to change a solicitor as I need to find a Risca based firm who is on the bank conveyancing panel. How simple is it to change conveyancer?
If you haven't yet appointed a conveyancer to start work and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Risca that you're thinking of instructing.