My lawyer has identified a defect with the lease for the flat we are buying in Didsbury. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the mortgage company is happy with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the bank 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 conditions. You and the bank are the client. These conveyancing instructions must be adhered to.
This question may be naive but I am unexperienced as FTB of a ground floor flat in Didsbury. Do I receive the keys to the premises on completion from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Didsbury?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you will be called to pick up the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
We are buying a detached bungalow in Didsbury. The intention is to an extension at the rear at the house.Will the conveyancing process include checks to see if these works are allowed?
Your conveyancer should review the registered title as conveyancing in Didsbury will sometimes identify restrictions in the title documents which prevent categories of alterations or need the permission of another owner. Some extensions call for local authority planning consent and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these things with a surveyor before you commit yourself to a purchase.
It is not clear whether my bank requires a lease extension. I have called into my local Didsbury building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Didsbury conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the solicitor is on the lender approved list, she or he must adhere to the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Due to the encouragement of my in-laws I had a survey completed on a house in Didsbury in advance of retaining conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders will not grant a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Didsbury. Conveyancing will be smoother if you use a solicitor in Didsbury especially if they regularly deal with such properties in Didsbury.
My cousin has recommend that I instruct his conveyancers in Didsbury. Should I use them?
Much as we are happy to recommend a Didsbury conveyancing lawyer the ideal way to choose a conveyancing lawyer is to have guidance from friends or family who have previously instructed the solicitor you're contemplating using.
Last December I purchased a leasehold house in Didsbury. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Didsbury Leasehold Conveyancing - Sample of Queries Prior to Purchasing
Is anyone aware of any major works on the horizon that could increase the maintenance costs? Does the lease contain onerous restrictions? Is there a share of the freehold?
Why am I unable to complete my conveyancing in Didsbury on a public holiday?
Because on completion the funds will pass between the banks of the purchaser and seller's solicitor and currently this can only take place on a working day. It is not possible to complete on a weekend either.