Our conveyancer has uncovered a a legal deficiency with the lease for the flat we are purchasing in Cwmcarn. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is willing to move forward 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 mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 conveyancer will have no choice but to discontinue acting for you.
Can you point me to a directory of Yorkshire BS panel conveyancers in Cwmcarn on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings visible online. If you are looking for a Cwmcarn lawyer on the Yorkshire BS please use our facility.
My partner and I have organised the release of further funds on our mortgage from Clydesdale as we want to carry out improvements to our property in Cwmcarn. Do we need to select a bricks and mortar Cwmcarn solicitor on the Clydesdale conveyancing panel to handle the paperwork?
Clydesdale do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale conveyancing panel.
After shopping around on the internet I have found a Cwmcarn property lawyer having checked that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Cwmcarn postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Cwmcarn.
I am purchasing my first flat in Cwmcarn with a loan from Coventry Building Society. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The estate agent told me not to tell my solicitor about the extras as it could adversely affect my mortgage 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 have been on the look out for a ground for flat up to £235,500 and found one near me in Cwmcarn I like with amenity areas and transport links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Cwmcarn suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan that many years will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
Last June I purchased a leasehold flat in Cwmcarn. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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).
I inherited a leasehold flat in Cwmcarn, conveyancing having been completed in 2002. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Cwmcarn with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2081
With 57 years unexpired the likely cost is going to be between £28,500 and £33,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
A licensed conveyancer handled my conveyancing in Cwmcarn 5 years past having archived my title documents but has since been shut down – What can I do to get hold of these?
Deeds, as such, no longer exist as most homes in Cwmcarn are registered electronically at Land Registry. If you need to establish evidence of proprietorship or are selling or refinancing your conveyancing practitioner can obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.