Our conveyancer has uncovered a a problem with the lease for the apartment we are purchasing in Downton. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must check that the mortgage company 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 bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 solicitor will have no choice but to discontinue acting for you.
I am selling our house in Downton and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A high street Downton conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using an internet conveyancing firm rather than a conveyancing solicitor in Downton. Having lived in Downton for six years we know that this is a non issue. Do we contact our local Authority to seek clarification need.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I am purchasing a new build house in Downton benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The house builders rep told me not disclose to my lawyer about this deal as it will impact my loan 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've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Downton is where the house is located. Can you offer any advice?
Flying freeholds in Downton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Downton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Downton 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 residence.
I need to retain a conveyancing solicitor for sale conveyancing in Downton. I've discover a web site which appears to be the perfect answer If it is possible to get all formalities done via phone that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold flat in Downton. Do I have any liability for service charges relating to a period prior to 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. Strange as it may seem, 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 be sure 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 Downton - Sample of Questions you should consider Prior to Purchasing
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In the main the cost for major works tend not to be built into the maintenance charges, although some managing agents in Downton obliged leasehold owners to contribute towards a reserve fund created for the specific intention of establishing a fund for major works. If a Downton lease has fewer than 80 years it will have adverse implications on the salability of the apartment. It is worth checking with your lender that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and it is worth discovering what this will be. Remember, in most cases you will need to own the premises for two years before you are entitled to extend the lease. This information is helpful as a) areas can cause problems in the building as the common areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will want to have all the details