My lawyer has discovered a a problem with the lease for the property we are purchasing in Emerson Park. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions 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 mortgage company are the client. These conveyancing instructions have to be complied with.
Will conveyancers request money up-front when it comes to conveyancing in Emerson Park?
If you are buying a property in Emerson Park your lawyer will request that you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the purchase price then this should be asked for immediately ahead of exchange of contracts. Any further balance that is due should be sent to your lawyer a few days ahead of the day of completion.
I am helping my niece sell her flat in Emerson Park. Will the conveyancing solicitor commission the energy assessment or it is for the owner to coordinate?
Following the abolition of Home Packs, EPC’s was retained a compulsory element of selling a property. An EPC needs to be commissioned prior to the property being put on the market. This is not a task that conveyancers normally organise. Where you are using a Emerson Park conveyancing solicitor they might be willing to arrange energy performance certificates due to their relationships with reputable Emerson Park assessors
I have decided to exercise my right to buy my property in Emerson Park off the council. I have a mortgage agreed with Skipton. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I had an offer accepted on a property in Emerson Park on 7/2/2020, valuation was booked 2 days after, received a clean bill of health. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Coventry BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Coventry BS conveyancing panel. Are Coventry BS entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly identified as part of conveyancing in Emerson Park?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Emerson Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Emerson Park. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Emerson Park
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants.
I am looking for a ground for flat up to £195,000 and identified one close by in Emerson Park I like with amenity areas and station in the vicinity, however it only has 61 years on the lease. I can't really find anything else in Emerson Park for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.