Our conveyancer has discovered a defect with the lease for the property we are buying in Fenny Stratford. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the bank 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 must be adhered to.
My lawyer in Fenny Stratford is not listed on the The Royal Bank of Scotland Approved Panel. Can I still use my prefered solicitor notwithstanding that they are not on the The Royal Bank of Scotland approved list?
Your options are as follows:
- Carry on with your preferred Fenny Stratford solicitors but The Royal Bank of Scotland will need to retain a solicitor on their panel. This will result in additional total conveyancing charges as well as result in delays.
- Choose a new solicitor to act in the purchase, not forgetting to check they are Convince your solicitor to do everything within their powers to join the The Royal Bank of Scotland conveyancing panel
My wife and I are downsizing from our home in Fenny Stratford and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A high street Fenny Stratford lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a nationwide conveyancing firm as opposed to a conveyancing solicitor in Fenny Stratford. Having lived in Fenny Stratford for six years we know of no issue. Is it a good idea to contact our local Authority to obtain 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'm buying my first flat in Fenny Stratford with a mortgage from Barnsley Building Society. The sellers would not reduce the price so I negotiated £7000 of extras instead. The house builders rep advised me not disclose to my solicitor about this side-deal as it could adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
My husband and I are FTB’s - had an offer accepted, yet the estate agent told us that the seller will only issue a contract if we appoint the agent's preferred conveyancers as they are insisting on an ‘expedited deal’. We would rather use a family solicitor who is familiar with conveyancing in Fenny Stratford
We suspect that the seller is not behind this requirement. Should the seller want ‘a quick sale', alienating a genuine purchaser is going to damage their objectives. Contact the owners directly and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you will continue to appoint your preferred Fenny Stratford conveyancing lawyers - as opposed tothose that will give their estate agent a commission or meet his conveyancing targets demanded by HQ.
I have just started marketing my basement apartment in Fenny Stratford. Conveyancing is yet to be initiated, but I have just had a half-yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as you normally would as all ground rent and maintenance invoices will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a leasehold flat in Fenny Stratford, conveyancing having been completed 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Fenny Stratford with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2100
With only 76 years left to run the likely cost is going to span between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.