Our solicitor has identified a a legal deficiency with the lease for the property we are buying in Welling. The other side have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Even though 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 specifications. You and the lender are the client. These conveyancing instructions have to be complied with.
How does conveyancing in Welling differ for new build properties?
Most buyers of new build residence in Welling come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Welling usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Welling or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Welling I like with open areas and station nearby, the downside is that it only has 51 years on the lease. There is not much else in Welling suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may 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 term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Are there any apps to assist me to locate a Welling solicitor on the The Royal Bank of Scotland conveyancing panel? I have a car and am willing to travel upto 25miles to meet the conveyancer.
You can use the tool on this page. Please select a bank and your location and you will see a number of Welling conveyancing lawyers based on proximity. We have detailed some Welling conveyancing firms at the bottom of this page and you can ring them to check if they are on the The Royal Bank of Scotland approved list
My uncle has urged me to use his conveyancers in Welling. Should I use them?
Much as we are happy to recommend a Welling conveyancing lawyer the ideal way to select a conveyancing lawyer is to seek referrals from friends or family who have used the firm you're contemplating using.
Should one remove a deceased person's name from the title deeds for a property in Welling?
Where a Welling property is jointly owned and one of the proprietors passes away, the name will not automatically be removed from the Land Registry title. It is not necessary to amend the title as when it comes to a sale your lawyer would just be required to evidence as to the reason the other proprietor is not a party to the transfer, normally this takes the form of a grant of probate.
With the aim of making things more straight forward for the sale of the property you may apply to have the deceased party erased from the title by submitting an application to the land registry with proof of the death. There is no fee from the Registry for this service.