Our solicitor has identified a defect with the lease for the flat we are purchasing in Staines. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
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 conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. 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.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather appoint a high street conveyancing solicitor in Staines?
You should check but the the probability is that appoint one of their panel conveyancers should you take up the "fee-free" incentive. Call the lender to see if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Staines.
I have been told that property searches are the number one reason for stalling in Staines house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Staines.
Are there restrictive covenants that are commonly picked up during conveyancing in Staines?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Staines. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Staines differ for new build properties?
Most buyers of new build or newly converted property in Staines come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Staines usually buy the land, 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 property lawyers 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 Staines or who has acted in the same development.
My fiance and I may need to sub-let our Staines basement flat temporarily due to taking a sabbatical. We instructed a Staines conveyancing firm in 2004 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Even though your previous Staines conveyancing lawyer is no longer around you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or some other party before subletting. This means that you cannot sublet without first obtaining consent. The consent must not not be unreasonably turned down. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am the registered owner of a a ground floor purpose built flat in Staines. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
You certainly can. We can put you in touch with a Staines conveyancing firm who can help.
An example of a Lease Extension case for a Staines flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired lease term was 82.93 years.