Our lawyer has identified a a problem with the lease for the apartment we are purchasing in Downham. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company is happy with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the lender 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 bank are the client. The appropriate lender requirements have to be complied with.
I am buying a terraced house in Downham. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Downham you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Downham.
It has been 3 months following my purchase conveyancing in Downham completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
What tools are available to locate a Downham law firm on the Yorkshire Building Society conveyancing panel? I drive a motor bike and am willing to travel upto 10kilometers to meet the lawyer.
Feel free to make use of the tool on this page. Please pick a lender and your location and you will see a number of Downham conveyancing lawyers based on proximity. We have detailed some Downham conveyancing firms at the bottom of this page and you can ring them to check whether they are on the Yorkshire Building Society approved list
Do you have any advice for leasehold conveyancing in Downham with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Downham can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers. In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Downham leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you dont have the paperwork to hand do not communicate with the landlord without checking with your conveyancer first. If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Organising a new share certificate is often a time consuming formality and delays many a Downham conveyancing transaction. If a duplicate share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved. You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I am the registered owner of a basement flat in Downham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Downham flat is Ravensbourne Lodge 4 Highland Road in February 2013. the Tribunal held that the amount payable for the freehold was £22,268
I pay a maintenance fee for my appartment in Downham. As a result of poor financial planning I fell behind with payments. The management company agreed a payment plan but there remains two currently due.
I want to dispose of the property and I am panicking this may hold me back if I have to discharge the amount due now. Do I have to settle before - is this viable?
The conveyancer dealing with your Downham sale should be in a position to negotiate with the appropriate parties, with a new to seeing if they would accept settlement out of the completion monies. Here is indicative of why it is advisable to choose a conveyancing practitioner in Downham as they are likely to have an established relationship with the management company.