Our solicitor has discovered a a legal deficiency with the lease for the flat we are buying in Yate. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that 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 conditions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
I am about to put an offer on a leasehold flat in Yate. The selling agents advise that it is usual for flats in Yate to have less than 75 years left on the lease. I am obtaining a loan with Tesco Bank. Is this going to be a problem if the lease has Seventy One years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/1/2021 the requirements read as follows :
We are close to exchanging contracts on the sale of our property in Yate and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers instructed a web based conveyancing practice rather than a conveyancing solicitor in Yate. Having lived in Yate for three years we know that this is a non issue. Should we contact our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I purchased my house on 3 September and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Yate advises it will be formalised inside ten days. Are properties in Yate uniquely lengthy to register?
As far as conveyancing in Yate is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any other persons or bodies. Currently in the region of three quarters of submission are fully addressed within 12 days but occasionally there can be extensive delays. Historically registration occurs once the purchaser has moved in to the property thus post completion formalities is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Yate differ for newly converted properties?
Most buyers of new build property in Yate contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Yate usually acquire the land, 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 conveyancers 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 accustomed to new build conveyancing in Yate or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, no chain conveyancing. Yate is where the house is located. Can you offer any advice?
Flying freeholds in Yate are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Yate you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yate may determine 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 property.