Our solicitor has identified a defect with the lease for the property we are purchasing in Woodlands. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions 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 must be adhered to.
Do the Building Society Association intend to launch a search tool with a view to to identify solicitors on the Loughborough BS conveyancing panel for instance in Woodlands?
Lexsure has not been advised of any intention on the part of the BSA to promote such a tool.
We are buying a flat in Woodlands. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to send money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I'm the single recipient of my late mum's will with all property in now in my sole name, including the house in Woodlands. The Woodlands property was put into my name in June. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership will be treated the same way as if I'd bought the house in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Most mortgage companies would take a sensible view as this provision primarily exists to capture subsales or the quick reselling of properties.
The formalities of my remortgage has taken place for my property in Woodlands. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I decided to have a survey completed on a house in Woodlands prior to retaining solicitors. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders will not grant a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Woodlands. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Woodlands to see if the conveyancing costs will increase in light of this.
I work for a reputable estate agent office in Woodlands where we have experienced a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local Woodlands conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Woodlands conveyancing firm to help?
Most definitely. We can put you in touch with a Woodlands conveyancing firm who can help.
An example of a Lease Extension decision for a Woodlands premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.
How do I search for a Woodlands conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 20miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Woodlands and you will see a number of lawyer located nearest Woodlands. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.