Our solicitor has discovered a defect with the lease for the flat we are purchasing in Lanchester. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements 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. These conveyancing instructions must be adhered to.
We are close to exchanging contracts on the sale of our house in Lanchester and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any local lawyer would know this is not the case. It does beg the question why the purchasers are using an internet conveyancing firm rather than a conveyancing solicitor in Lanchester. We have lived in Lanchester for three years we know of no issue. Do we get in touch with our local Authority to seek clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I'm buying a new build house in Lanchester with a loan from TSB. The developers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not to tell my solicitor about this deal as it would affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Lanchester I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Lanchester in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Given that I will soon part with hundreds of thousands of pounds on a terraced house in Lanchester I would like to talk to a lawyer regarding thehome move in advance of giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be pleased to talk to you we do not take any clients on without you liaising with the lawyer who will be carrying out your property ownership legalities in Lanchester.There is no ‘factory style conveyancing’ - each client is unique individual, not a case reference. The practices that we put you in touch with believe that the figure you are provided with for residential conveyancing in Lanchester should be the figure that you are charged.
Should I be concerned if there is an issue with the searches carried out as part of my conveyancing in Lanchester?
Normally, the majority of issues arising from Lanchester conveyancing search results can be handled in advance of completion or indemnity insurance can be put in place. You need to remember that although you intend on purchasing the property and might be willing to live with the search results, your lender may not, and ultimately have the final decision.