Our solicitor has uncovered a defect with the lease for the apartment we are purchasing in Tyldesley. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. The appropriate lender specifications have to be complied with.
is it true that all Tyldesley solicitor practices on the Yorkshire BS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS approved list of solicitors they would need to be regulated by the SRA. Some mortgage companies do list licenced conveyancers on their panel and in that case the firms would be regulated by the Council of Licensed Conveyancers.
Clydesdale have agreed my home loan in principle, my offer on a property in Tyldesley has been accepted, what are the next steps?
Your property agent will wish to be advised as to your conveyancing practitioner's details (ensure that the conveyancers are on the lender’s approved list). Contact Clydesdale or the broker and finalise any appropriate paperwork. Clydesdale will instruct a valuer who will get in touch with the estate agent or owners to book a time for the valuation to take place. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Clydesdale will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Tyldesley.
I have finally had an offer on a flat in Tyldesley accepted, but there is a chain. The owners have offered on on an apartment, however it’s not been accepted yet, and are looking at other apartments booked. I have instructed a high street conveyancing solicitor in Tyldesley. What should be my next step? At what point do I apply for the mortgage with Nationwide?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Tyldesley conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Nationwide approved list. As to the next stages this very much dictated by the uniqueness of your case, attraction to this property and on the state of the market. During a rising market some purchasers will apply for the mortgage with Nationwide and pay for the valuation and only if it was satisfactory would they request their conveyancing practitioner to press on with searches.
Should our solicitor be raising enquiries about flooding during the conveyancing in Tyldesley.
Flooding is a growing risk for solicitors dealing with homes in Tyldesley. Some people will acquire a house in Tyldesley, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a numerous searches that may be undertaken by the buyer or by their lawyers which should give them a better understanding of the risks in Tyldesley. The conventional set of property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to discover whether the property has historically flooded. If flooding has previously occurred which is not revealed by the vendor, then a buyer could bring a claim for damages resulting from an misleading reply. A buyer’s conveyancers should also commission an enviro search. This will reveal whether there is any known flood risk. If so, additional investigations should be carried out.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in Tyldesley I like with amenity areas and station in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Tyldesley for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 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 current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I am a sole trader wishing to take over a lease of a shop on the high street. Can you recommend solicitors offering fixed costs for commercial conveyancing in Tyldesley for less than 1500k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Tyldesley, including the disposal and acquisition of businesses as well as simply premises. Whether you are intending to buy or sell a shop, pub, restaurant, office, retail unit or a complete business we will find you the right firm. Regarding the fees this will depend on the structure and complexity of the proposed transaction. Please provide us with your contact information or call us so that we can provide you with a fixed commercial conveyancing quote.
What are my options where I am unhappy with the lawyer who undertook our conveyancing in Tyldesley?
We live in an imperfect world, and is is a fact of life that every so often things do go wrong. However there is recourse if you were not happy with your conveyancing in Tyldesley. This varies from trying to resolve matters directly with them, through to reporting a conveyancing practitioner to their governing body. If you remain dissatisfied you may consider getting in touch with the Legal Ombudsman.