Our conveyancer has uncovered a defect with the lease for the property we are purchasing in Romsey. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the bank?
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 property 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 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 solicitor will have no choice but to discontinue acting for you.
I have been advised by my conveyancer that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Romsey?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
We are getting a further advance on our home loan from Santander as we want to carry out a loft conversion to our property in Romsey. Do we need to appoint a local Romsey solicitor on the Santander conveyancing panel to handle the legals?
Santander don't usually instruct firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander panel.
The formalities of my purchase has taken place for my property in Romsey. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Just had an offer accepted on a new build flat in Romsey. Conveyancing is daunting 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.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Romsey
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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 confirm the Lease plans are architect prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan.
In what way can the Landlord & Tenant Act 1954 impact my business offices in Romsey and how can your lawyers assist?
The 1954 Act provides protection to business leaseholders, giving them the right to make a request to court for a new lease and continue in occupation when the lease reaches an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Romsey
Jane (my partner) and I may need to rent out our Romsey garden flat temporarily due to a career opportunity. We used a Romsey conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Romsey do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Leasehold Conveyancing in Romsey - Examples of Queries before Purchasing
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You should want to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the cleanliness of the communal areas. Ask other tenants what they think of their service. Finally, investigate as to the dates that you are obliged pay the service charge to the appropriate party and precisely what you get for your money. Who manages the building? Please note if it is less than 80 years it will affect the salability of the apartment. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would be required to have owned the residence for 24 months in order to be entitled to extend the lease.
My step-son is embarking on her first house purchase, the home loan was agreed last week in principle. One the seller agreed the offer on the flat we called the mortgage company to progress the mortgage application. We were shocked to hear that banks do not accept all solicitor, they have to be on a list, is this legal?
Lenders ordinarily restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Romsey property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.