My conveyancer has identified a defect with the lease for the apartment we are buying in Tetbury. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is willing to move forward 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 lender are the client. Your solicitor 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 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 lawyer will have no choice but to discontinue acting for you.
We're in Tetbury, First time buyers purchasing with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are purchasing a house and the solicitor has raised the issue of Chancel Repair for which the house could be obligated to pay given it’s proximity to the area of such a church. She has mentioned insurance. Is this strictly necessary for conveyancing in Tetbury
Unless a previous purchase of the property took place after 12 October 2013 you could take it that solicitors carrying out conveyancing in Tetbury to continue to advocate a chancel search and or chancel repair liability policy.
Are there restrictive covenants that are commonly identified as part of conveyancing in Tetbury?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Tetbury. 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…’
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Tetbury I like with amenity areas and transport links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Tetbury in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
How do I search for a Tetbury solicitor on the HSBC Bank conveyancing panel? I am a keen cyclist and am prepared to travel upto 25miles to meet the solicitor.
You can use the search on this website. Please pick a lender and your location and you will see a number of Tetbury conveyancing lawyers based on proximity. We have listed some Tetbury conveyancing firms at the bottom of this page and you can ring them to see whether they are on the HSBC Bank panel