My lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Malpas. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the lender is content with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the bank 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 mortgage company are the client. The appropriate lender provisions have to be complied with.
I had intended to instruct a conveyancing solicitor in Malpas for our home move. Our broker informed us that our mortgage company National Westminster Bank won't deal with them. Surely this is unduly restrictive?
A decade ago most lenders had a different appetite for risk. Almost all Malpas conveyancing firms would have been on many bank panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum number of transactions. Many Malpas conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Malpas is one of the numerous areas where the lawyers we recommend are on the panel for National Westminster Bank.
I used Stirling Law a few years ago for my conveyancing in Malpas. I now require my file but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Malpas of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Malpas differ for newly converted properties?
Most buyers of new build residence in Malpas approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Malpas usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Malpas or who has acted in the same development.
I opted to have a survey done on a house in Malpas in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks will refuse to issue a mortgage on such a house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Malpas. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a long established estate agency in Malpas where we have witnessed a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Malpas conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Malpas - Examples of Questions you should ask Prior to Purchasing
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Who takes responsibility for maintaining and repairing the block? How much is the ground rent and service charge? How many years are left on the lease?