Our solicitor has discovered a a problem with the lease for the property we are buying in Canvey Island. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender requirements have to be complied with.
My house in Canvey Island is up for sale and I have a purchaser. Does my conveyancing practitioner need to be on the Clydesdale conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
is it true that all Canvey Island solicitors on the Co-operative conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Co-operative approved list of solicitors they would need to be regulated by the SRA. Many banks do permit licenced conveyancers on their panel in which case such firms would be governed by the CLC.
We had appointed solicitors located in Canvey Island on the Skipton solicitor panel. They are now charging me an additional sum for handling the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancer can levy a fee for this. This charge is not dictated by Skipton but by your Canvey Island conveyancer. Some firms on the Skipton panel will quote an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
Leeds Building Society have agreed my mortgage in principle, my offer on a property in Canvey Island has been accepted, now what?
Your property agent will want to know who your solicitors are (ensure that the conveyancers are on the lender’s panel). Telephone Leeds Building Society or your financial adviser and finalise any appropriate forms. Leeds Building Society will sellect a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to occur. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Leeds Building Society will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Canvey Island.
I am looking for a flat up to £235,500 and identified one round the corner in Canvey Island I like with open areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Canvey Island suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Should I be wary about third parties that I am dealing with are suggesting a web based conveyancing firm rather than a High Street Canvey Island conveyancing firm?
As is the case with lots of service providers, often input from relatives can be very helpful. Nevertheless there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and banks may suggest lawyers to choose. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the recommendation. You have the right to choose your own lawyer. However, bear in mind that many lenders specify a panel list of law firms you are obliged to use for the mortgage aspect of your transaction.
My partner and I may need to sub-let our Canvey Island garden flat for a while due to a career opportunity. We instructed a Canvey Island conveyancing firm in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Even though your previous Canvey Island conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the property. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you must seek permission from your landlord or some other party prior to subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent is not allowed to be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord for their consent.
Leasehold Conveyancing in Canvey Island - Examples of Queries Prior to Purchasing
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It is important to be aware whether window replacement or some other significant cost is due shortly that will be shared between the tenants and could well dramatically impact the level of the service charges or necessitate a specific invoice. Make sure you find out if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in in a block in Canvey Island. If you like the apartmentin Canvey Island yet your dog is not allowed to live with you then you will be faced hard choice. The answer will be helpful as a) areas could result in problems in the block as the communal areas may begin to deteriorate if services are not paid for b) if the tenants have an issue with the running of the building you will want to know about it