Our lawyer has identified a a legal deficiency with the lease for the apartment we are buying in Old Ford. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company 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 specifications. You and the bank are the client. The appropriate lender conditions must be adhered to.
We are close to exchanging contracts on the sale of our home in Old Ford and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers instructed a nationwide conveyancing outfit rather than a conveyancing solicitor in Old Ford. Having lived in Old Ford for many years we know of no issue. Should we contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You must check with 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 life insurance to cover that same sickness)
I acquired my home on 14 August and my personal details is not yet registered. Should I be concerned? My conveyancing solicitor in Old Ford advises it would be formalised in a couple of weeks. Are properties in Old Ford particularly slow to register?
There is nothing unique about conveyancing in Old Ford registration formalities. As opposed to being determined by geographic area, timescales can adjust depending on who lodges the application, whether it is in order and whether the Land registry communicate with any third persons or bodies. Currently in the region of 80% of submission are completed in less than three weeks but occasionally there can be longer delays. Historically registration is effected once the purchaser has moved in to the premises so an expedited registration is not always top priority but if it is urgent that the the registration takes place urgently then you or your conveyancer must speak with the land registry and explain the circumstances.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Old Ford I like with amenity areas and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Old Ford in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require 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 proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My cousin has recommend that I use his conveyancing solicitors in Old Ford. Should I choose my own solicitor?
No doubt the best way to choose a conveyancing practitioner is to seek feedback from friends or relatives who have experience in using the solicitor you're contemplating using.
How up-to-date is your search tool for the bank conveyancing panel in Old Ford? Do the mortgage companies send you an updated list?
Old Ford firms and firms carrying out conveyancing in Old Ford themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the bank directly.