My lawyer has identified a a legal deficiency with the lease for the property we are buying in Witham. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
I'm purchasing a new build house in Witham with a mortgage from Clydesdale. The developers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not inform my lawyer about the extras as it will jeopardize my mortgage 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Witham is the location of the property. Can you offer any opinion?
Flying freeholds in Witham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Witham you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Witham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
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At this site receive an accurate quote from a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Witham. Unlike many estate agents and brokerage sites we are not in the business of charging firms a fee if you appoint them for your conveyancing in Witham
Estate agents have just been given the go-ahead to market my basement apartment in Witham. Conveyancing solicitors are to be appointed soon, but I have recently had a quarterly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the maintenance contribution as usual given that all ground rent and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a ground floor flat in Witham, conveyancing formalities finalised June 2006. How much will my lease extension cost? Corresponding flats in Witham with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2084
With just 61 years unexpired the likely cost is going to be between £19,000 and £22,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
I'm buying a property in Witham. I can find my conveyancer's company on the CLC list, but I can't find my lawyer's name as listed on the regulator's website. Should I be concerned?
Not every individual in the company must be listed by the regulator. Provided there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unqualified staff.