Me and my partner are buying a 1 bedroom apartment in Market Drayton with a mortgage. We have a Market Drayton lawyer, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Market Drayton conveyancer and pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Market Drayton conveyancing lawyer to apply to be on the conveyancing panel.
My lawyer has uncovered a a problem with the lease for the property we are purchasing in Market Drayton. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender 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 lender 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I bought my flat on 12 April and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Market Drayton advises it would be dealt with in less than a month. Are transfers in Market Drayton particularly slow to register?
There is nothing unique about conveyancing in Market Drayton registration formalities. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether there are errors and whether the Land registry need to notify any other persons or bodies. At present approximately 80% of submission are fully dealt with within two weeks but occasionally there can be extensive hold-ups. Historically registration occurs after the new owner is living at the property therefore an expedited registration is not usually an essential issue yet where there is a degree of urgency associated with the registration then you or your conveyancer can contact the land registry and explain the circumstances.
The estate agent has sent us the confirmation of our purchase of a new build flat in Market Drayton. 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 selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Market Drayton
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. Please supply a car parking plan.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Market Drayton I like with a park and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Market Drayton suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Looking forward to exchange soon on a studio apartment in Market Drayton. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Market Drayton should include some of the following:
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What the implications are if you are in breach of your lease terms? Does the lease prohibit wood flooring? Rent payments - what is payable and when is collected, and also know whether this will change in the future Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Where does the liability rest for maintaining the window frames
Market Drayton Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Are any of leasehold owners in arrears of their service charge payments? The answer will be useful as a) areas could result in problems for the building as the common areas may start to deteriorate where repairs are not paid for b) if the leasehold owners have an issue with the managing agents you will wish to have full disclosure Make sure you investigate if there are any onerous restrictions in the lease. For instance it is fairly common in Market Drayton leases that pets are not allowed in in a block in Market Drayton. If you like the apartmentin Market Drayton yet your cat can’t live with you then you will be presented with a difficult determination.