My lawyer has identified a a legal deficiency with the lease for the apartment we are buying in Blaenau Gwent. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the lender 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 provisions. You and the lender are the client. These conveyancing instructions must be adhered to.
We're in Blaenau Gwent, First time buyers buying with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Various internet forums that I have visited warn that are the primary reason for delay in Blaenau Gwent house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Blaenau Gwent.
I have a terraced Georgian house in Blaenau Gwent. Conveyancing lawyer represented me and TSB. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the exact same address. Is it worth asking TSB to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Blaenau Gwent and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing lawyer who completed the work.
Due to the input of my in-laws I had a survey completed on a house in Blaenau Gwent ahead of retaining solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders will not give a mortgage on this type of premises.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Blaenau Gwent. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Blaenau Gwent to see if the conveyancing will be more expensive.
I am intending to rent out my leasehold flat in Blaenau Gwent. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Some leases for properties in Blaenau Gwent do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Leasehold Conveyancing in Blaenau Gwent - A selection of Queries Prior to buying
-
Where a Blaenau Gwent lease has no more than eighty years it will impact the salability of the apartment. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Blaenau Gwentlease extensions you will be be obliged to have been the owner of the property for a couple of years before you are entitled to exercise a lease extension. Does the lease have in excess of 90 years remaining? Does the lease have onerous restrictions?