My solicitor has discovered a a problem with the lease for the flat we are purchasing in Cardigan. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must check that the lender is happy with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company 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 provisions. You and the lender are the client. The appropriate lender conditions have to be complied with.
My brother-in-law has suggested I instruct a conveyancing solicitor in Cardigan. I I am struggling to find out if they are accepted on the Virgin Money conveyancing panel. Can you advise?
The first thing to do is call your solicitor and enquire whether they are on the lender panel. Otherwise you can call Virgin Money who may be able to confirm.
My relative suggested that where I am buying in Cardigan I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Cardigan conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Cardigan around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cardigan Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data regarding Cardigan.
The deeds to our property are lost. The conveyancers who did the conveyancing in Cardigan 5 years ago are no longer around. What do I do?
In today’s world there are copies made of almost everything, and your lawyer should be aware exactly where to find all the appropriate paperwork so you can buy or sell your property without a hitch. Where duplicates are not available, your conveyancer can arrange cover in the form of insurance or indemnities against possible claims on the premises.
I'm purchasing my first flat in Cardigan with a mortgage from Chelsea Building Society. The sellers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my solicitor about this extras as it may jeopardize my mortgage with the lender. 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.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Cardigan I like with amenity areas and transport links in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Cardigan suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.