Our conveyancer has uncovered a a problem with the lease for the property we are purchasing in Billingshurst. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company 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 bank are the client. The appropriate lender specifications must be adhered to.
It has been 4 months since my purchase conveyancing in Billingshurst completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Billingshurst with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not to tell my conveyancer about the side-deal as it will put at risk my mortgage with the bank. Should I keep quiet?.
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've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Billingshurst is where the house is located. Can you shed any light on this issue?
Flying freeholds in Billingshurst are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Billingshurst you must be sure that your lawyer goes 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 Billingshurst 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 residence.
How does the Landlord & Tenant Act 1954 affect my business premises in Billingshurst and how can you help?
The 1954 Act provides a safeguard to business leaseholders, giving them the right to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and help with commercial conveyancing in Billingshurst
Do online conveyancing organisations cover everything a high street Billingshurst solicitor does or must I employ a solicitor for the final stages for my conveyancing in Billingshurst?
If you instruct an online conveyancer they should undertake all the work your Billingshurst conveyancer will cover.