My conveyancer has identified a a problem with the lease for the property we are buying in Bayswater. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer says that he must check that the mortgage company 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 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 bank are the client. These conveyancing instructions have to be complied with.
I am purchasing a property in Bayswater. A rare aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Aldermore your lawyer must follow the conveyancing instructions set out in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Aldermore where a lease fails to satisfy these conditions. The requirements relate to the installation of panels on properties nationwide and is not restricted to Bayswater.
Barclays have agreed my mortgage in principle, my offer on a house in Bayswater has been accepted, what happens next?
The estate agent will wish to be informed of your conveyancing practitioner's details (ensure that the solicitors are on the lender’s panel). Contact Barclays or the financial adviser and complete any outstanding documentation. Barclays will sellect a valuer who will get in touch with the selling agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Barclays will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bayswater.
At last I have had an offer on a maisonette in Bayswater accepted, but there is a chain. The vendors have offered on somewhere, but it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Bayswater. What should be my next step? At what stage should I apply for the mortgage with RBS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Bayswater conveyancing search charges, etc). The first thing to do is ensure that your solicitor is on the RBS approved list. Regarding the next phase this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. In a hot market the majority of buyers will apply for the mortgage with RBS and arrange for the valuation and only if it comes back ok would they ask their lawyer to proceed with the conveyancing in Bayswater.
I have todayfound out that Arc property Solicitors have closed. They conducted my conveyancing in Bayswater for a purchase of a freehold house 10 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
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 Bayswater conveyancing specialists.
I am purchasing my first flat in Bayswater benefiting from help to buy. The builders would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not disclose to my conveyancer about this extras as it may put at risk my loan with the bank. Is this normal?.
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 am looking for a flat up to £305k and identified one round the corner in Bayswater I like with amenity areas and railway links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Bayswater suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I own a leasehold house in Bayswater. Conveyancing and The Royal Bank of Scotland mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Bayswater who previously acted has long since retired. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Bayswater conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Bayswater conveyancing firm to help?
if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price.
An example of a Lease Extension case for a Bayswater residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case affected 1 flat. The unexpired residue of the current lease was 37.79 years.