My husband and I are intent on acquiring an apartment in Brantham. My property lawyer is not on the mortgage company conveyancing panel. Am I still permitted to use my Brantham conveyancing solicitor even though they are excluded from the mortgage company list of approved lawyers?
You must have a solicitor to complete the legal work required when you require a loan to purchase your home. They will carry out all the necessary due diligence on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is in order. You can appoint a Brantham lawyer of your choosing. However, if the lawyer selected is not on the mortgage company approved list further costs will be levied as separate legal representation will be need by the mortgage company. Conveyancing panel applications can be submitted, so if your conveyancer has not historically applied for membership they can do so.
My lawyer has identified a a problem with the lease for the property we are buying in Brantham. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the mortgage company 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 risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 lawyer will have no choice but to discontinue acting for you.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Brantham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Brantham
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have been on the look out for a flat up to £305k and identified one round the corner in Brantham I like with a park and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Brantham suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I was recommended by a couple of local selling agents in Brantham to choose a property lawyer on your site. What’s the financial incentive for Estate Agents to recommend your lawyers over alternative conveyancing organisations?
We refuse to make any commission for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
In relation to leasehold conveyancing in Brantham what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Brantham. All leases are drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Leasehold Conveyancing in Brantham - Sample of Questions you should ask before Purchasing
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It is important to be aware whether redecorating or some other major work is pending to be shared by the tenants and will materially impact the level of the maintenance charges or require a specific invoice. For most Brantham leaseholds the outlay for major works tend not to be included within maintenance charges, albeit that some managing agents in Brantham require leasehold owners to pay into a sinking fund created for the specific intention of establishing a fund for larger works. Plenty Brantham leasehold apartments will have a service charge for maintenance of the block levied on behalf of the landlord. Where you acquire the apartment you will have to pay this charge, usually in instalments accross the year. This may vary from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a exorbitant sum, say around £25-£75 but you need to check as sometimes it can be many hundreds of pounds.