Our solicitor has discovered a defect with the lease for the property we are buying in Cramlington. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that 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 requirements. You and the bank are the client. The appropriate lender specifications must be adhered to.
I have todaybecome aware that Wolstenholmes have been shut down. They conducted my conveyancing in Cramlington for a purchase of a leasehold apartment 10 months ago. How can I check that the property is not still registered in the name of the previous owner?
The easiest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cramlington conveyancing specialists.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Cramlington is the location of the property. What do you suggest?
Flying freeholds in Cramlington are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cramlington you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cramlington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How do I locate a Cramlington solicitor on the TSB conveyancing panel? I drive a motor bike and am happy to travel upto 10kilometers to meet the lawyer.
Feel free to make use of the facility on this website. Please pick a bank and your location and you will see a number of Cramlington conveyancing lawyers locally. We have detailed some Cramlington conveyancing firms at the bottom of this page and you can call them to verify if they are on the TSB approved list
I've recently bought a leasehold house in Cramlington. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Cramlington - Sample of Queries before Purchasing
-
How many years remain on the lease? The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this arrangement the leaseholders have control and although a managing agent is usually employed where the building is bigger than a house conversion, the managing agent employed by the leaseholders. Does the lease have onerous restrictions?
How do I determine who owns a house in Cramlington?
Provided the property is registered with HM Land Registry, and you have enough details of the location of the premises, you will be able to obtain details from the HM Land Registry of the recorded owner for a fee.