My solicitor has identified a a legal deficiency with the lease for the apartment we are buying in Castle Cary. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the bank is happy with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the bank 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 requirements must be adhered to.
It is 10 years ago since I purchased my house in Castle Cary. Conveyancing lawyers have recently been appointed on the sale but I can't track down the title deeds. Is this a major issue?
Don’t worry too much. Firstly there is a possibility that the deeds will be retained by the mortgage company or they could be archived with the lawyers who oversaw your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Most conveyancing in Castle Cary relates to registered property but in the unlikely event that your home is not registered it is more problematic but is not insurmountable.
I currently have a mortgage with Bank of Ireland for my property in Castle Cary. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
You must advise Bank of Ireland in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel firm.
I am due to exchange contracts on my flat. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality are being pedantic. The Castle Cary solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have finally had an offer on a flat in Castle Cary accepted, the vendors do however have a dependent purchase. The sellers have placed an offer on a flat, but it’s not yet tied up, and have viewings of other apartments booked. I have selected a local conveyancing solicitor in Castle Cary. What do I do now? When should I get the mortgage application with Bank of Ireland going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then survey, Castle Cary conveyancing search fees, etc). The first course of action is to check that your conveyancing practitioner is on the Bank of Ireland approved list. Concerning the subsequent stages this very much depends on the uniqueness of your transaction, attraction to this property and on the state of the market. In a hot market some buyers will apply for a home loan with Bank of Ireland and pay for the valuation and only if it comes back ok would they pay their lawyer to press on with searches.
I'm buying a new build house in Castle Cary with a loan from Nationwide Building Society. The developers would not move on the price so I negotiated 6k of extras instead. The property agent told me not reveal to my lawyer about this deal as it will put at risk my mortgage with the lender. Is this normal?.
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'm remortgaging my existing house to a BTL mortgage with Clydesdale and intend to use the remaining equity as a deposit on a second property. The location we are looking at is Castle Cary. Will your solicitors be able to act for the two banks and tie in the conveyances?
Do use our search tool on this page to ensure that the conveyancers are approved by both lenders. On the basis that they are the conveyancer should be able to simultaneously deal with the two transactions but you should have a chat with you lawyer and communicate your expectations and needs.
My wife and I purchased a leasehold house in Castle Cary. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Castle Cary who previously acted has long since retired. What should I do?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Castle Cary conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a split level flat in Castle Cary, conveyancing having been completed in 2004. Can you work out an approximate cost of a lease extension? Similar properties in Castle Cary with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2096
With 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.