My solicitor has uncovered a defect with the lease for the flat we are buying in Streatham. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the lender is content with this solution. Are we the client or is the mortgage company ?
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 requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
Have purchased a a detached house in Streatham , What is the estimated time for the Land Registry to deal with the formalities evidencing my title? My Streatham conveyancing solicitor has been painfully slow, so I want to check the post completion formalities are dealt with.
There is nothing unique about conveyancing in Streatham registration formalities. As opposed to being determined by geographic area, timeframes can vary according to the party submitting the application, whether it is in order and whether the Land registry communicate with any 3rd parties. At present approximately 80% of such applications are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Registration takes place once the purchaser has moved in to the property therefore an expedited registration is not always primary concern but where there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Streatham differ for new build properties?
Most buyers of new build premises in Streatham come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Streatham 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 conveyancing solicitors 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 Streatham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Streatham is where the house is located. Is there any guidance you can impart?
Flying freeholds in Streatham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Streatham 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 Streatham 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 premises.
Given that I will soon spend over three hundred thousand on a house in Streatham I wish to have a conversation with the conveyancer concerning theconveyancing in advance of instructing the firm. Can this be arranged?
We could not agree more - we would be happy to talk to you we do not take any clients on without you first talking to the conveyancer who will be doing your property ownership legalities in Streatham.There is no ‘factory style conveyancing’ - each client is unique individual, not a case number. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Streatham should be the amount on the final invoice that you are charged.