Our conveyancer has identified a defect with the lease for the flat we are purchasing in Thetford. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the bank is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. The appropriate lender requirements have to be complied with.
My apartment in Thetford is up for sale and I have a buyer. Will my conveyancer need to be required to be on the Virgin Money conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
Various online forums that I have frequented warn that are a common reason for hinderance in Thetford house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Thetford.
Just had an offer accepted on a new build flat in Thetford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Thetford
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I was advised by a few selling agents in Thetford to get a quote from a property lawyer on your site. What’s the financial upside for Estate Agents to offer your services ahead of another?
We don’t give any financial incentive for sending work in our direction. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Is it true that a Thetford conveyancing company has court proceedings brought against them by clients for not carrying out the appropriate conveyancing investigations?
We are not aware of such a Thetford conveyancing matter but it has been reported that, a couple purchasing a house elsewhere in England successfully won a case against their lawyer as a consequence of development plans to construct a wind farm failing to be identified in conveyancing searches.
If you are buying in Thetford It is critical that your property lawyer conduct all Thetford conveyancing searches needed to ensure you have accurate and current information before acquiring a home in Thetford.