Our solicitor has discovered a a problem with the lease for the flat we are buying in Barnstaple. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the mortgage company 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 bank are the client. The appropriate lender conditions have to be complied with.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Barnstaple?
There are many recorded licenced Conveyancers in Barnstaple and Solicitor firms in Barnstaple offering conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. The two can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Have just purchased a probate house at auction in Barnstaple. Conveyancing is needed. What is next?
Having exchanged you must hire the services of a conveyancing practitioner soon as you now have a pending a fixed date to complete the property. All auction property will have a corresponding legal pack. This will include evidence of title and search results. If you have purchased leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to give this to the solicitor working for you ASAP. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
I am the only beneficiary of my late father’s estate and I have everything in my name alone, including the house in Barnstaple. The Barnstaple property was put into my name in December. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be considered the same way as if I'd bought the house in December. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How practical a view banks take of it, depend on the mortgage company as this clause principally exists to capture the purchase and immediately sell or the flipping of property.
Me and my brother own a 4 bedroom Victorian property in Barnstaple. Conveyancing solicitor represented me and Platform Home Loans Ltd. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Barnstaple and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing solicitor who conducted the work.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Barnstaple is where the house is located. Is there any guidance you can give?
Flying freeholds in Barnstaple are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Barnstaple you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barnstaple 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 premises.
My father has suggested that I use his lawyers for conveyancing in Barnstaple. Do I follow his recommendation?
There are no two ways about it the ideal way to choose a conveyancing lawyer is to seek recommendations from friends or relatives who have experience in using the solicitor you're considering.
We expect to complete the sale of our £475,000 apartment in Barnstaple on Thursday in a week. The landlords agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Barnstaple?
Barnstaple conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to complete the sale of your home.
Barnstaple Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
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Are any of leasehold owners in arrears of their service charge payments? The prefered form of lease structure is a share of the freehold. In this situation the leaseholders enjoy control and notwithstanding that a managing agent is usually retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Is anyone aware of any major works on the horizon that will add a premium to the maintenance costs?