My solicitor has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Stansted. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
We have agreed to purchase a house in Stansted. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
As you are obtaining a mortgage with Kent Reliance your lawyer must check the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to Kent Reliance where a lease fails to meet these specifications. The requirements relate to the installation of panels on properties countrywide and is not isolated to Stansted.
I currently have a mortgage with Bank of Ireland for my property in Stansted. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel solicitor.
I can not work out if my bank requires a lease extension. I have called into my local Stansted building society branch on a couple of occasions and was told it wasn't a problem and they will lend. My Stansted conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend in accordance with their specific requirements. I simply don't know who is right.
As long as the property lawyer is on the lender panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly identified as part of conveyancing in Stansted?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Stansted. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Stansted with a loan from The Mortgage Works. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not inform my solicitor about this deal as it may adversely 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 decided to have a survey done on a house in Stansted in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some banks tend refuse to give a loan on such a premises.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stansted. Conveyancing will be smoother if you use a solicitor in Stansted especially if they are acquainted with such properties in Stansted.
Taking into account that I will soon part with over three hundred thousand on a property in Stansted I would like to talk to a lawyer concerning thetransaction prior to instructing the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you liaising with the lawyer due to be conducting your property ownership legalities in Stansted.There is no ‘factory style conveyancing’ - each client is unique person, not a case number. The practices that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Stansted should be the figure that you end up paying.