My solicitor has uncovered a defect with the lease for the property we are buying in Cranham. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that 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 conditions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
What does a local search reveal about the house I am buying in Cranham?
Cranham conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search plays a central role in many a Cranham conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
My wife and I purchased a semi-detached Edwardian property in Cranham. Conveyancing lawyer acted for me and . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cranham and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing lawyer who conducted the work.
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 simple, no chain conveyancing. Cranham is the location of the property. Can you offer any assistance?
Flying freeholds in Cranham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cranham you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cranham may decide 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 residence.
We're first time buyers - had an offer accepted, but the estate agent informed us that the vendor will only issue a contract if we appoint their recommended lawyers as they are insisting on a ‘quick sale’. We would rather use a high street solicitor with experience of conveyancing in Cranham
We suspect that the owner is not behind this request. If they desire ‘a quick sale', turning down a genuine purchaser is counter productive. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you will continue to use your own,trusted Cranham conveyancing solicitors - not the ones that will provide their estate agent a introducer fee or achieve conveyancing thresholds demanded by head office.