It has come to my attention via my estate agent that my Freshwater Bay property lawyer is not on the bank Conveyancing panel. What can I do to be sure that this is correct?
The best course of action for you to take is to contact your Freshwater Bay lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they may be able to suggest a Freshwater Bay conveyancing practice that is on the approved list of lawyers for your lender.
Our lawyer has discovered a a problem with the lease for the apartment we are purchasing in Freshwater Bay. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or 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 provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. These conveyancing instructions must be adhered to.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would prefer to instruct a high street conveyancing solicitor in Freshwater Bay?
Do check but the chances are that appoint one of their panel solicitors where you take up the "fee-free" offer. Call the bank and check if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Freshwater Bay.
It has been 2 months following my purchase conveyancing in Freshwater Bay concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £245,000 and found one close by in Freshwater Bay I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Freshwater Bay in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Freshwater Bay. I now want to extend my lease but my landlord is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to locate the lessor. In some cases an enquiry agent would be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Freshwater Bay.
Freshwater Bay Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Are any of leasehold owners in dispute over their service charge liability? Is there a share of the freehold? Be sure to enquire if there is anything that is prohibited in the lease. For instance it is reasonably common in Freshwater Bay leases that pets are not allowed in certain buildings in Freshwater Bay. If you like the apartmentin Freshwater Bay however your dog is not allowed to live with you then you will be faced difficult compromise.