My solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Temple Fortune. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the lender is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their specifications 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 requirements must be adhered to.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather instruct a Temple Fortune based conveyancing firm?
Do check but the chances are that allocate you one of their panel conveyancers should you take up the "fee-free" offer. Call the lender to see if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Temple Fortune.
I have been told that property searches are the primary reason for hinderance in Temple Fortune conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Temple Fortune.
Just acquired a detached house in Temple Fortune , how long should it take for the Land Registry to register my ownership? My Temple Fortune conveyancing solicitor works at snail pace, so I want to be certain that my purchase is registered.
As far as conveyancing in Temple Fortune registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timescales can vary according to who lodges the application, whether it is in order and if the Land registry need to notify any third parties. Currently roughly three quarters of such applications are completed within two weeks but some can be subject to protracted hold-ups. Registration takes place after the buyer has moved in to the property thus post completion formalities is not typically an essential issue yet where there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying my first flat in Temple Fortune with a loan from Leeds Building Society. The developers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not reveal to my conveyancer about the deal as it may put at risk my loan with Leeds Building Society. 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 have just started marketing my basement apartment in Temple Fortune. Conveyancing solicitors are to be appointed soon, however I have just had a yearly service charge invoice – Do I pay up?
The sensible thing to do is discharge the service charge as normal given that all ground rent and service invoices will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I have had difficulty in trying to purchase the freehold in Temple Fortune. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Temple Fortune conveyancing firm who can help.
An example of a Lease Extension decision for a Temple Fortune residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The unexpired term was 76 years.