Our lawyer has uncovered a a problem with the lease for the apartment we are purchasing in Chesterton. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
I am planning to acquire a property and require a conveyancing solicitor in Chesterton who is on the National Westminster Bank approved. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Chesterton. We dont recommend any particular firm.
I am purchasing a new build house in Chesterton with a loan from Birmingham Midshires. The sellers refused to move on the price so I negotiated £7000 of additionals instead. The estate agent advised me not reveal to my solicitor about the side-deal as it will affect my mortgage with Birmingham Midshires. Should I keep quiet?.
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 UK Finance website. UK Finance 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.
In what way does the Landlord & Tenant Act 1954 affect my business property in Chesterton and how can your lawyers assist?
The particular law that you refer to affords security of tenure to business leaseholders, giving them the dueness to apply to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Chesterton
I am attracted to a couple of apartments in Chesterton which have about forty five years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area.
Chesterton Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
-
How much is the annual service fee and ground rent? Who are the managing agents? Does the lease have onerous restrictions?
My financial adviser has recommended their solicitor for the conveyancing in Chesterton - Surely it’s better to just instruct them?
This is not necessarily the case and you are at liberty to instruct whichever property lawyer you prefer for your Chesterton home move. The property lawyer recommended by an estate agent may not necessarily be the right property lawyer, they may suggest their own conveyancing firm who are based remotely. In this instance you may not have contact with your solicitor and due to the lack of continuity in the transaction, it may be difficult to obtain updates.