Our solicitor has identified a a legal deficiency with the lease for the property we are buying in Bath. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancer will have no choice but to discontinue acting for you.
I require fast conveyancing in Bath as I am under pressure to exchange contracts within 4 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free buyer you have the choice not to do searches although no conveyancer would advise that you don't. With lots of history conveyancing in Bath the following are instances of issues that can crop up and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I'm buying a new build house in Bath with a mortgage from The Mortgage Works. The developers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not reveal to my lawyer about this extras as it could jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I'm converting the mortgage on my current house to a BTL mortgage with National Westminster Bank and I will use the rest of the raised equity towards a second house. The area we are talking about is Bath. Will your lawyers be able to act for both sets of banks and tie in the conveyances?
Do use our comparison tool on this page to check that the solicitors are approved by both lenders. Having checked that they are the lawyer will be able to connect the two conveyancing matters but you should have a chat with you solicitor and make apparent your expectations and needs.
All being well we will complete the disposal of our £125,000 maisonette in Bath on Wednesday in a week. The managing agents has quoted £324 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Bath?
Bath conveyancing on leasehold apartments usually necessitates fees being invoiced by freeholders :
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Completing pre-exchange questions
Where consent is required before sale in Bath
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a 1 bedroom flat in Bath, conveyancing was carried out in 2010. Can you work out an approximate cost of a lease extension? Equivalent flats in Bath with an extended lease are worth £195,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2087
With 63 years unexpired the likely cost is going to span between £16,200 and £18,600 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
A conveyancing company acted on my conveyancing in Bath half a dozen years ago and was holding my deeds but has now closed – how do I retreive these?
Title deeds, as such, are no longer appropriate for the majority of properties in Bath are archived digitally at Land Registry. Where you need to show ownership or are selling or refinancing your conveyancer can obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.