Our solicitor has uncovered a defect with the lease for the flat we are purchasing in Deddington. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must check that the mortgage company 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 potential for a conflict of interest, you and the mortgage company are the client. Your lawyer 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 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.
I own a freehold property in Deddington but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Deddington and has limited impact for conveyancing in Deddington but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
The Deddington conveyancing lawyers that just started acting on my house acquisition in Deddington have suddenly shut down. I chose them because I had to have a firm on the HSBC conveyancing panel and my family Deddington lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the HSBC conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
A friend pointed out to me me that in purchasing a property in Deddington there could be a number of restrictions prohibiting external changes to a property. Is this right?
We are aware of anumerous of properties in Deddington which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Deddington should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
How can we know in advance if a Deddington conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in Deddington obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your conveyancing.
My fiancee and I are in the throws of looking at flats in Deddington and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with TSB.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Deddington differ for newly converted properties?
Most buyers of new build residence in Deddington come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Deddington usually acquire the real estate, 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 used to new build conveyancing in Deddington or who has acted in the same development.