My conveyancer has identified a defect with the lease for the property we are buying in Bungay. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must check that the mortgage company is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. 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 property lawyer will have no choice but to discontinue acting for you.
I am purchasing a new build flat in Bungay. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Bungay you will have to appoint a solicitor on your bank'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 Bungay.
I am looking for a ground for flat up to £245,000 and found one close by in Bungay I like with a park and station nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Bungay in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can ask them to 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 solicitor regarding this matter.
I am selling my property. My previous lawyers closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Bungay if that makes a difference.
Do use our search tool to help you choose a solicitor for your conveyancing in Bungay. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
My husband and I are 14 days into a freehold purchase having been directed to conveyancers by the local agent to execute conveyancing in Bungay. I am not happy. Can you you assist me in finding new solicitors?
They would have to be really poor in order to consider changing them. Has the mortgage offer been issued? In the event that it has you need to make them aware of the replacement lawyer and get the loan are re-sent. Your solicitor ideally needs to be on the mortgage company approved list to avoid escalating fees and delays. That should be your starting point. Our find a solicitor tool should assist you in finding a lender approved lawyer for your conveyancing in Bungay