I am being advised by my conveyancer that lack of building regulations insurance is required on my purchase. What is the level of cover for Mortlake conveyancing?
The appropriate level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such insurances.
I am purchasing a property in Mortlake. A rare aspect is that the roof has a solar panel. Nationwide have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Nationwide your lawyer must comply with the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Nationwide where a lease does not comply with these requirements. The provisions relate to the installation of panels on properties in England and Wales and is not isolated to Mortlake.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Mortlake building society branch on a couple of occasions and was informed it wasn't an issue and they will lend. My Mortlake conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the solicitor is on the mortgage company panel, she or he must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should our solicitor be raising enquiries about flooding as part of the conveyancing in Mortlake.
Flooding is a growing risk for solicitors dealing with homes in Mortlake. There are those who buy a property in Mortlake, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a numerous searches that can be carried out by the buyer or by their solicitors which can give them a better appreciation of the risks in Mortlake. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to determine if the premises has suffered from flooding. If flooding has previously occurred which is not revealed by the owner, then a buyer may bring a claim for damages stemming from an incorrect response. The purchaser’s solicitors will also conduct an enviro search. This should indicate whether there is a recorded flood risk. If so, further inquiries will need to be made.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Mortlake?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Mortlake. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing a new build house in Mortlake with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my conveyancer about this extras as it could adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 have been on the look out for a flat up to £305k and found one close by in Mortlake I like with a park and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Mortlake suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Are there any apps to help search for a Mortlake conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to 25kilometers to attend the solicitor.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Mortlake and you will see a number of lawyer located nearest Mortlake. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the bank solicitor panel.