My lawyer has discovered a a legal deficiency with the lease for the apartment we are purchasing in Thornaby. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company 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 conditions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
I'm buying a new build house in Thornaby with a loan from Leeds Building Society. The developers would not reduce the price so I negotiated 6k of extras instead. The estate agent suggested that I not disclose to my conveyancer about this deal as it would affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 am looking for a flat up to £235,500 and found one close by in Thornaby I like with open areas and station nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Thornaby for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am selling my property. My former solicitors closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in Thornaby if that makes a difference.
Do use our search tool to help you find a solicitor for your conveyancing in Thornaby. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
My wife and I purchased a leasehold flat in Thornaby. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Thornaby who acted for me is not around. What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Thornaby conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a studio flat in Thornaby, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Thornaby with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2078
With 58 years remaining on your lease the likely cost is going to be between £23,800 and £27,400 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
Is planning consent required to convert a single dwelling into multiple flats in Thornaby? This has occurred to a property next door to my home in Thornaby and was not aware of it happening until the works were done.
Planning Consent yes. Building Reg Approval yes.