Our conveyancer has discovered a defect with the lease for the apartment we are buying in Barrow Upon Soar. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer 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?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions must be adhered to.
Do the Building Society Association intend to launch a online directory to list law firms on the Darlington Building Society conveyancing panel for instance in Barrow Upon Soar?
We are not aware of any plans on the part of the BSA to promote such a search facility.
I have paid off my mortgage with Nationwide. I assume I don't need a Barrow Upon Soar property lawyer on the Nationwide panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
The mortgage over my property is with Nationwide for my property in Barrow Upon Soar. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Nationwide must be informed of your intention in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel solicitor.
Planning on purchasing a apartment in Barrow Upon Soar. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Barrow Upon Soar conveyancing practitioner is on the Yorkshire BS conveyancing panel.
I am planning on selling our property in Barrow Upon Soar and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A high street Barrow Upon Soar lawyer would know that there is no such problem. It does beg the question why the buyers are using an online conveyancing practice rather than a conveyancing solicitor in Barrow Upon Soar. We have lived in Barrow Upon Soar for six years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of 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 sickness)
Can you provide any advice for leasehold conveyancing in Barrow Upon Soar with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Barrow Upon Soar can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ representatives. If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled. Some Barrow Upon Soar leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. You believe that you know the number of years remaining on your lease but you should double-check via your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
Barrow Upon Soar Leasehold Conveyancing - A selection of Queries before buying
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The best form of lease structure is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants. What restrictions exist in the Barrow Upon Soar Lease? The answer will be helpful as a) areas can result in problems in the block as the common areas may start to deteriorate if services are not paid for b) if the leasehold owners have an issue with the running of the building you will wish to have full disclosure
My offer on semi in Barrow Upon Soar was agreed to, but there is a chain. The current proprietors have offered on somewhere, however it’s not been accepted yet, and has viewings of other properties in the pipeline. I have selected a nearby conveyancing lawyer in Barrow Upon Soar. What do I do now? At what stage should I apply for the mortgage with RBS?
It is normal to have anxieties where there is an associated chain given your reluctance to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Barrow Upon Soar conveyancing search charges, etc). First, you must check that your solicitor is on the RBS approved list. Regarding the next stages this very much depends on the specifics of your transaction, desire for the property and on the state of the market. In a buoyant market many buyers would apply for a home loan with RBS and pay for the survey and only if it was satisfactory would they pay their lawyer to proceed with the conveyancing in Barrow Upon Soar.