My lawyer has discovered a a legal deficiency with the lease for the property we are buying in Ulverston. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender 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 lawyer will have no choice but to discontinue acting for you.
We are purchasing a property and need a conveyancing solicitor in Ulverston who is on the Yorkshire BS conveyancing panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Yorkshire BS . We don't recommend any particular firms conducting conveyancing in Ulverston.
is it true that all Ulverston conveyancing solicitors on the Virgin Money conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do list licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
We were going to get a AIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Ulverston solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Ulverston solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
After months of negotiation I have agreed a price on an apartment in Ulverston. My mortgage broker pressured me to appoint their lawyer. I paid an advanced payment of £200. Not long after, the lawyer called me sheepishly admitting that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am purchasing my first flat in Ulverston benefiting from help to buy. The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not reveal to my conveyancer about this side-deal as it could adversely affect my loan with Nottingham Building Society. Should I keep quiet?.
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've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Ulverston is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ulverston are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ulverston 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 Ulverston 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.
My partner and I may need to rent out our Ulverston 1st floor flat for a while due to a new job. We used a Ulverston conveyancing practice in 2004 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Ulverston do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Leasehold Conveyancing in Ulverston - Examples of Queries before Purchasing
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The majority of Ulverston leasehold properties will be liable to pay a service charge for the upkeep of the building levied on behalf of the landlord. Should you purchase the flat you will have to meet this liability, usually in instalments throughout the year. This can differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay annual, ordinarily this is not a significant amount, say about £50-£100 but you need to check as sometimes it could be prohibitively expensive. Its a good idea to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the common parts. Ask prospective neighbours whether they are happy with their service. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. Who manages the block?