Our conveyancer has identified a a legal deficiency with the lease for the apartment we are buying in Maxton. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. These conveyancing instructions have to be complied with.
Completed the sale of my flat in Maxton last March but our buyer keeps SMS messaging every few hours to moan that her solicitor is waiting to hear from myconveyancer. What are the post completion sale formalities following completion?
Post completion of your sale your solicitor should send the transfer deeds and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your solicitor should also confirm that the home loan has been redeemed to the buyers conveyancers. There are no post completion requirements unique to conveyancing in Maxton.
The deeds to our house can not be found. The conveyancers who did the conveyancing in Maxton 5 years ago have long since closed. Will I be able to sell the house?
These day there are duplicates made of almost everything, and your conveyancer will be aware precisely where to locate all the relevant documentation so you can buy or dispose of your house without any difficulty. If duplicates can’t be located, your lawyer may be able to arrange cover in the form of insurance or indemnities against possible claims on your premises.
How does conveyancing in Maxton differ for new build properties?
Most buyers of new build property in Maxton come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Maxton tend to buy the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Maxton or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one round the corner in Maxton I like with open areas and transport links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Maxton for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I need to retain a conveyancing solicitor for leasehold conveyancing in Maxton. I happened to discover a web site which appears to be the ideal answer If it is possible to get all this stuff done via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?