My solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Staindrop. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 conveyancing practitioner will have no choice but to discontinue acting for you.
My partner and I are close to exchanging contracts on the sale of our house in Staindrop and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Staindrop lawyer would know this is not the case. It does beg the question why the purchasers are using a web based conveyancing outfit as opposed to a conveyancing solicitor in Staindrop. Having lived in Staindrop for three years we know of no issue. Is it a good idea to contact our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
It has been 2 months following my purchase conveyancing in Staindrop completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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 property 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 have been on the look out for a ground for flat up to £235,500 and identified one near me in Staindrop I like with a park and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Staindrop suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign 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 consult your conveyancing lawyer regarding this matter.
What does commercial conveyancing in Staindrop cover?
Non domestic conveyancing in Staindrop covers a broad range of guidance, offered by regulated solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I need to instruct a conveyancing lawyer in Staindrop for my home move. Can I see a solicitor's record with the profession’s regulator?
One may review presented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The SRA sometimes monitor call for training purposes.