My lawyer has identified a a legal deficiency with the lease for the flat we are purchasing in Crickhowell. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender 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 mortgage company are the client. These conveyancing instructions have to be complied with.
I have Fifty Six years unexpired on my lease and require a lease extension for my apartment in Crickhowell. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/12/2024 the requirements read as follows :
A colleague advised me that if I am buying in Crickhowell I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Crickhowell conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Crickhowell around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information regarding Crickhowell.
I'm buying my first flat in Crickhowell with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not to tell my solicitor about this side-deal as it could put at risk my loan with the lender. 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 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've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Crickhowell is the location of the property. Can you offer any advice?
Flying freeholds in Crickhowell are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Crickhowell you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Crickhowell may decide 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 property.
In what way does the Landlord & Tenant Act 1954 impact my commercial offices in Crickhowell and how can your lawyers assist?
The 1954 Act gives a safeguard to commercial lessees, giving them the dueness to apply to court for a new lease and continue in occupation when the lease reaches an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Crickhowell is one of our hundreds of areas of the UK in which our lawyers have offices