My lawyer has uncovered a defect with the lease for the flat we are buying in Torquay. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the mortgage company is willing to move forward 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 provisions. You and the lender are the client. The appropriate lender conditions have to be complied with.
My property lawyer in Torquay is not on the Coventry Building Society Solicitor Panel. Is it possible for me to continue with my family solicitor even though they are not on the Coventry Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your preferred Torquay lawyers but Coventry Building Society will need to retain a conveyancer on their panel. This will result in additional total legal fees and cause frustration.
- Get an alternative solicitor to act in the purchase, remembering to check they are on the Coventry Building Society panel
I'm purchasing a new build house in Torquay with a loan from Aldermore. The builders refused to budge the price so I negotiated 6k of extras instead. The house builders rep told me not to tell my lawyer about the side-deal as it could put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Torquay I like with amenity areas and station nearby, the downside is that it's only got 49 years on the lease. There is not much else in Torquay in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
In what way does the Landlord & Tenant Act 1954 impact my business premises in Torquay and how can you help?
The particular law that you refer to affords protection to business leaseholders, granting the legal entitlement to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Torquay
We have been informed by various estate agents to expect six to eight weeks for Torquay conveyancing to complete.This was four weeks ago. The paperwork was only sent from the vendors solicitor yesterday so does the time start running now?
You should treat with caution of any conveyancer promising expedited completion times. Instead ask the average time it takes for them to complete Torquay conveyancing deals and if they are willing to aim towards an agreed target date for your house move in Torquay