My solicitor has uncovered a a legal deficiency with the lease for the property we are purchasing in Tenby. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure 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 lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
I have been told that property searches are the number one reason for hinderance in Tenby conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Tenby.
It has been 3 months since my purchase conveyancing in Tenby concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Tenby is where the house is located. Can you offer any guidance?
Flying freeholds in Tenby are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tenby you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tenby may determine 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.
My brother-in-law has suggested I instruct a conveyancing solicitor in Tenby. I need to find out if they are on the lender's approved list of lawyers. Could you help?
One option is to phone your conveyancer to check if they are on the bank's panel. Alternatively please get in touch with us and we can investigate and revert. Should the firm not be on the conveyancing panel we can certainly arrange a reputable conveyancing solicitor in Tenby on the panel for your lender.