My solicitor has discovered a a problem with the lease for the flat we are buying in Gorseinon. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 conveyancer will have no choice but to discontinue acting for you.
My uncle passed away six months ago and as sole heir and executor I was left the house in Gorseinon. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Skipton will insist on your using a conveyancer on the Skipton 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 Skipton 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 Skipton mortgage is registered as a charge at the Land Registry.
I require expedited conveyancing in Gorseinon as I am under an ultimatum to exchange contracts within one month. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you are at liberty not to do searches although no law firm would advise that you don't. With lots of history conveyancing in Gorseinon the following are instances of what can be revealed and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly picked up as part of conveyancing in Gorseinon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Gorseinon. 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…’
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Gorseinon I like with a park and station in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Gorseinon in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Do you have any top tips for leasehold conveyancing in Gorseinon with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Gorseinon can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers’ lawyers. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Gorseinon state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the approvals in place do not communicate with the landlord without contacting your conveyancer first. Some Gorseinon leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
Leasehold Conveyancing in Gorseinon - Sample of Queries before Purchasing
-
This question is useful as a) areas can cause problems in the building as the communal areas may start to deteriorate if repairs are not paid for b) if the tenants have a dispute with the managing agents you will wish to have all the details Be sure to enquire if there are any onerous restrictions in the lease. By way of example it is reasonably common in Gorseinon leases that pets are not permitted in in a block in Gorseinon. If you love the propertyin Gorseinon but your dog can’t make the move with you then you will be faced difficult determination. What restrictions are contained in the Gorseinon Lease?