Our lawyer has uncovered a defect with the lease for the property we are purchasing in Gainsborough. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender 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 lender 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 provisions. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.
The Gainsborough conveyancing firm that I recently instructed on my purchase in Gainsborough have without warning closed. They were on acting for me because I had to have a solicitor on the Barclays conveyancing panel and my previous Gainsborough lawyer was not. I wrote them a cheque for two hundred pounds in advance. What are my options?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
What will a local search reveal regarding the property my wife and I purchasing in Gainsborough?
Gainsborough conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search is essential in every Gainsborough conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
It has been five months since my purchase conveyancing in Gainsborough concluded. I have checked the Land Registry site which shows that I paid £150,000 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 residence 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.
Over the last few months I have been searching for a flat up to £305k and found one near me in Gainsborough I like with open areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Gainsborough in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I'm refinancing my existing house to a BTL mortgage with Nottingham Building Society and I will use the rest of the raised equity towards a second house. The location we are looking at is Gainsborough. Will your conveyancers be able to act for the two lenders and link together the transactions?
Make use of our comparison tool on this site to ensure that the solicitors are approved by both banks. Having checked that they are your lawyer will be able to tie up the two conveyancing matters but you should talk with you lawyer and communicate your desired outcome and needs.