Our conveyancer has discovered a a problem with the lease for the flat we are purchasing in Derbyshire. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that 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 requirements. You and the lender are the client. The appropriate lender requirements must be adhered to.
I have 7378 less than 75 years remaining on my lease and need a lease extension for my apartment in Derbyshire. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/5/2024 the requirements read as follows :
I have justbecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Derbyshire for a purchase of a leasehold apartment 12 months ago. How can I establish that my home is registered correctly in the name of the previous owner?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Derbyshire conveyancing specialists.
I'm buying my first flat in Derbyshire with a mortgage from Yorkshire Building Society. The sellers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my lawyer about this extras as it could adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Derbyshire is where the house is located. Can you shed any light on this issue?
Flying freeholds in Derbyshire are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Derbyshire you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Derbyshire 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 residence.
Being a leasehold owner I am on the hook for a maintenance contribution for my appartment in Derbyshire. As a result of personal circumstances I fell into arrears with remittance. I negotiated a payment schedule but there is still about £1750 left to be paid.
I now wish to sell and I am concerned this could jeopardize the sale if I have to pay off the amount due first. I'd like to sell up and then pay them back with the completion monies - is this viable?
It would be wise to check with the conveyancer handling your Derbyshire conveyancing but one option could be to arrange for the arrears to be attributed to the purchasers. The purchase price due would be reduced to reflect the amount of debt they take on. They could then deal with the arrears once they are the owners.