Our solicitor has identified a defect with the lease for the flat we are buying in Drakes Cross. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the bank is happy with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions 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 lender are the client. These conveyancing instructions must be adhered to.
How up to date is your search tool for Drakes Cross conveyancing solicitors on the UBS conveyancing panel? Do UBS send you an updated list?
Drakes Cross conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
My flat in Drakes Cross is up for sale and I have a buyer. Will my property lawyer need to be required to be on the Yorkshire BS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
I am assisting my step-mother sell her property in Drakes Cross. Does the conveyancer arrange an energy assessment or should I organise this?
Following the demise of Home Information Packs, energy assessments was maintained a mandatory component of moving property. An energy performance certificate should be commissioned prior to the property being marketed. It is not something that conveyancers normally organise. If you are using a Drakes Cross conveyancing solicitor they may be able to arrange EPC’s given their contacts with long established Drakes Cross providers
A friend pointed out to me me that in buying a property in Drakes Cross there may be various restrictions as to what one can do in terms of external changes to a property. Is this right?
There are a number of properties in Drakes Cross which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Drakes Cross should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have a mortgage with TSB for my property in Drakes Cross. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
You must advise TSB in advance of letting out your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel firm.
About to purchase a new build flat in Drakes Cross. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Drakes Cross
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Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have recently placed an offer on a leasehold flat in Drakes Cross and the estate agent that we are dealing with suggested his conveyancing practitioner. She quoted £1000 excluding VAT and disbursements. Does this sound expensive?
Don't just go on a single estimate. One should obtain like-for-like quotes for your conveyancing in Drakes Cross. Then select one that you are comfortable with and just as important, is on the approved list of the mortgage company that you have applied for a mortgage from.