Our conveyancer has uncovered a a problem with the lease for the flat we are purchasing in St Agnes. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the bank 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 specifications. You and the lender are the client. The appropriate lender specifications must be adhered to.
The St Agnes conveyancing firm that I recently instructed on my house acquisition in St Agnes have suddenly closed. I chose them because I needed a firm on the HSBC conveyancing panel and my family St Agnes lawyer was not. I paid them 275 plus VAT on account. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors 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 lawyers should be in a position to assist.
I got the keys to my home on 11 August and my personal details is yet to be registered. Should I be concerned? My conveyancing solicitor in St Agnes advises it should be concluded in less than a month. Are titles in St Agnes particularly slow to register?
As far as conveyancing in St Agnes registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ subject to the party submitting the application, whether there are errors and whether the Land registry communicate with any third persons or bodies. At present in the region of 80% of such applications are fully addressed within 12 days but some can be subject to protracted delays. Registration is effected after the purchaser is living at the premises so 'speed' is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I have been on the look out for a flat up to £235,500 and found one near me in St Agnes I like with open areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in St Agnes suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner 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. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
The mortgage broker has suggested using their solicitor for the conveyancing in St Agnes - Surely it’s advisable to just instruct them?
It is worth checking if the estate agent is recommending a lawyer or introducing to a solicitor. There are plenty of St Agnes selling agents who recommend two or three St Agnes conveyancing firms and get nothing from it.