My conveyancer has discovered a a problem with the lease for the flat we are purchasing in Great Wyrley. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property 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 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 lawyer will have no choice but to discontinue acting for you.
Our mortgage company has suggested solicitors on their panel based in Great Wyrley but I would rather choose a conveyancing lawyer in Great Wyrley or nearer to where I live. Can you help?
Far from all Great Wyrley conveyancing firms are on all banks conveyancing panel. Do make the most of our search tool to locate a Great Wyrley conveyancing firm on the on the mortgage company panel.
How does conveyancing in Great Wyrley differ for newly converted properties?
Most buyers of new build property in Great Wyrley come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Great Wyrley typically buy the site, 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 property lawyers 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 accustomed to new build conveyancing in Great Wyrley or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Great Wyrley is the location of the property. Can you offer any advice?
Flying freeholds in Great Wyrley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Great Wyrley you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Great Wyrley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
The lawyers carrying out our conveyancing in Great Wyrley has sent documents to review that show the land is unregistered with epitome documents. Why is the property not currently recorded at HM Land Regsitry?
Whilst the vast majorities of properties in Great Wyrley are now registered with HMLR there are still a few that remain unregistered. Any property in Great Wyrley that has been transferred since the late 1980’s will have been registered at the HM Land Registry under the compulsory ‘first registration’ scheme. However, if a Great Wyrley property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Plenty of Great Wyrley conveyancing practitioners should be familiar with this type of conveyancing but in the event that uncertainty prevails the prevailing proposition presently is for the vendor’s solicitor to undertake the registration formalities first and thereafter deal with the disposal - this can though naturally cause a significant delay.