Our solicitor has identified a a legal deficiency with the lease for the flat we are buying in Cannington. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the bank is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the mortgage company 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 conditions. You and the bank are the client. The appropriate lender conditions have to be complied with.
My Solicitor in Cannington is not on the Virgin Money Approved Panel. Can I still continue with my prefered solicitor notwithstanding that they are not on the Virgin Money approved list?
Your options are as follows:
- Carry on with your existing Cannington lawyers but Virgin Money will need to retain a conveyancer on their panel. This will result in additional total legal fees as well as result in frustration.
- Get an alternative practitioner to to deal with the conveyancing, obviously checking they are on the Virgin Money panel
What can a local search inform me concerning the property I am buying in Cannington?
Cannington conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search plays a central role in many a Cannington conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
How does conveyancing in Cannington differ for newly converted properties?
Most buyers of new build or newly converted property in Cannington approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Cannington tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cannington or who has acted in the same development.
I work for a reputable estate agency in Cannington where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Cannington conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Cannington - Examples of Queries before buying
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If a Cannington lease has no more than eighty years it will have adverse implications on the salability of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will be be obliged to have owned the residence for 24 months in order to be eligible to extend the lease. How much is the ground rent and service charge? Many Cannington leasehold flats will have a service bill for maintenance of the block invoiced on behalf of the landlord. If you acquire the apartment you will have to meet this contribution, usually in instalments during the year. This could differ from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a rentcharge for you to pay yearly, this is usually not a large amount, say about £25-£75 but you need to enquire as sometimes it could be surprisingly expensive.
I am contemplating choosing a web based conveyancing practitioner rather than a Cannington conveyancing practice. Should I ‘stay local’?
Various benefits exist in having the option attend a local Cannington conveyancing solicitor for example
- signing papers and and when necessary
- having one on one explanations of issues that you need help with
- the ability to raise concerns if things go pear-shaped
When comparing estimates, look out for hidden extras. Most decent Cannington high street solicitors give an all-inclusive price. Many online companies seem to offer cheap prices, but have hidden 'extras' in the in the terms and conditions.