My lawyer has uncovered a defect with the lease for the property we are purchasing in Cudham. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must check that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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 solicitor will have no choice but to discontinue acting for you.
It is 10 years ago since I purchased my house in Cudham. Conveyancing lawyers have just been appointed on the sale but I am unable to track down my title deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be kept by your lender or they may be in the possession of the solicitor who oversaw your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. The vast majority of conveyancing in Cudham involves registered property but in the rare situation where your property is unregistered it is more problematic but is not insurmountable.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Cudham. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Principality will insist on your using a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
I'm purchasing a new build house in Cudham with a loan from Chelsea Building Society. The sellers would not budge the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about this extras as it would impact my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
We are 3 weeks into a residential purchase having been directed to conveyancers by the high street agent to handle our conveyancing in Cudham. I am am starting to be frustrated with the level of service. Can you help me find new solicitors?
They would have to be really bad in order to consider replacing them. Has the loan offer been generated? In the event that it has you will need to inform them of the new contact details and have the offer are issued to the new lawyers. Your new solicitor ideally should be on the lenders approved list to avoid escalating expenses and delays. So that should be your first question of the new solicitors. The search tool should assist you in finding a bank approved lawyer for your conveyancing in Cudham
We expect to complete our sale of a £125,000 maisonette in Cudham in seven days. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Cudham?
For the majority of leasehold sales in Cudham conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
-
Addressing pre-exchange questions
Where consent is required before sale in Cudham
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Cudham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Lease Extension case for a Cudham premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.