Our lawyer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Cardigan. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that he must check that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications 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 lender are the client. These conveyancing instructions must be adhered to.
My brother-in-law has suggested I instruct a conveyancing solicitor in Cardigan. I I am struggling to find out whether they are on the Nationwide Building Society approved list of lawyers. Could you or the lender confirm if they are on the panel?
You should contact your solicitor and enquire if they can act for the lender. Alternatively you can call Nationwide Building Society who may be able to confirm.
A relative suggested that where I am buying in Cardigan I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Cardigan conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Cardigan around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cardigan Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Cardigan.
The deeds to my house can not be found. The solicitors who conducted the conveyancing in Cardigan 10 years ago have long since closed. What are my next steps?
Assuming the title is registered the details of your proprietorship will be documented by HMLR under a Title Number. It is possible to execute a search at the Land Registry, identify your property and order current copies of the Registered Entries for a small fee. Where the property is Leasehold then the Land Registry will in most cases hold a certified duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I'm purchasing a new build house in Cardigan with a loan from Norwich and Peterborough Building Society. The builders refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not inform my solicitor about the side-deal as it will adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 have been on the look out for a flat up to £235,500 and found one close by in Cardigan I like with open areas and station in the vicinity, however it only has 49 years on the lease. There is not much else in Cardigan in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.