My lawyer has identified a defect with the lease for the flat we are buying in Stoke Park. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is content with this solution. Are we the client or is the bank?
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 conveyancing practitioner 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 lawyer will have no choice but to discontinue acting for you.
What is your number one tip for finding a conveyancing solicitor in Stoke Park
Do not opt for the lowest Stoke Park conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
My offer was accepted on a property in Stoke Park on 3/10/2024, valuation was booked 2 days after, received a clean bill of health. Solicitor appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Co-operative and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Co-operative conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Yorkshire BS have agreed my mortgage in principle, my offer on a apartment in Stoke Park has been accepted, now what?
Your property agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Telephone Yorkshire BS or your broker and complete any outstanding paperwork. Yorkshire BS will sellect a valuer who will get in touch with the selling agent or seller to schedule a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a week to receive the mortgage offer. Yorkshire BS will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Stoke Park.
Are there restrictive covenants that are commonly picked up during conveyancing in Stoke Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Stoke Park. 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 Stoke Park differ for newly converted properties?
Most buyers of new build premises in Stoke Park approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Stoke Park usually acquire 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 conveyancers 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 accustomed to new build conveyancing in Stoke Park or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Stoke Park is where the house is located. Can you offer any opinion?
Flying freeholds in Stoke Park are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stoke Park you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stoke Park may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I need to instruct a conveyancing solicitor in Stoke Park for my house move. Can I check a firm’s record with the profession’s regulator?
Members of the public may search for documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA sometimes monitor call for training requirements.