Our lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Thrapston. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the bank 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 requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
My brother-in-law has suggested I instruct a conveyancing solicitor in Thrapston. I I am struggling to find out if they are accepted on the Aldermore conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing to do is call your solicitor and enquire whether they can act for the bank. Alternatively you can get in touch with Aldermore who may be able to confirm.
Can you help - my lawyer says that breach of easement insurance is required on my purchase. What is the level of cover for Thrapston conveyancing?
The right level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such insurances.
Is it correct that all Thrapston CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
I currently have a mortgage with Yorkshire BS for my property in Thrapston. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent 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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a residence in Thrapston? or I am told that there is an ancient law that means some house owners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this relevant for conveyancing in Thrapston?
Unless a previous purchase of the property completed post 12 October 2013 you may assume that conveyancing practitioners handling conveyancing in Thrapston to remain recommending a chancel search and or chancel repair liability policy.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The solicitors who did the conveyancing in Thrapston 10 years ago have long since closed. What are my options?
In today’s world there are copies made of almost everything, and your conveyancer will know exactly where to find all the suitable documentation so you may purchase or sell your property without any difficulty. If copies can’t be located, your solicitor may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on your property.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Thrapston I like with a park and railway links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Thrapston in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan that many years will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.