My solicitor has uncovered a defect with the lease for the apartment we are buying in Pagham. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the lender is happy 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 conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. 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 solicitor will have no choice but to discontinue acting for you.
I am purchasing a new build flat in Pagham. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Pagham you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Pagham.
The deeds to our property are lost. The lawyers who conducted the conveyancing in Pagham 5 years ago are no longer around. What are my options?
These day there are duplicates made of almost everything, and your conveyancer will know precisely where to find all the relevant paperwork so you can purchase or dispose of your property without a hitch. If duplicates can’t be found, your solicitor can arrange cover in the form of insurance or indemnities against possible claims on your premises.
How does conveyancing in Pagham differ for new build properties?
Most buyers of new build or newly converted property in Pagham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Pagham tend to 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 used to new build conveyancing in Pagham or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Pagham I like with a park and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Pagham suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.