My lawyer has identified a a legal deficiency with the lease for the flat we are purchasing in Coleford. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Notwithstanding 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 requirements. You and the bank are the client. The appropriate lender conditions have to be complied with.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Coleford. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/5/2022, the requirements read as follows :
My wife and I are buying a property in Coleford. It might be a silly question but how we can trust a solicitor? On completion day we have to deposit funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I'm the single beneficiary of my late mum's will and I have everything in my name now, including the house in Coleford. The Coleford property was put into my name in April. I want to move. I do know about the CML six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in April. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How sensible a view lenders take of it, depend on the lender as this obligation chiefly exists to capture the purchase and immediately sell or the wholesaling and assigning of properties.
I am expecting a OIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Coleford solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Coleford 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.
I opted to have a survey done on a house in Coleford in advance of retaining lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some banks tend refuse to give a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Coleford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Coleford to see if the conveyancing costs will increase in light of this.
I am looking into buying my first house which is in Coleford and I am already nervous. I couldn't find anything specific about Coleford. Conveyancing will be needed in due course but do you know about the Coleford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Coleford. In the meantime here are some basic statistics that we found
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Coleford. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Coleford ?
The majority of houses in Coleford are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Coleford in which case you should be shopping around for a Coleford conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I invested in buying a ground floor flat in Coleford, conveyancing having been completed September 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Coleford with over 90 years remaining are worth £191,000. The ground rent is £55 yearly. The lease ceases on 21st October 2075
With just 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.