My solicitor has identified a defect with the lease for the flat we are purchasing in Gamlingay. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
My partner and I have organised the release of further monies on our home loan from RBS as we intend to conduct improvements to our home in Gamlingay. Are we obliged to appoint a high street Gamlingay solicitor on the RBS conveyancing panel to handle the legals?
RBS would not normally appoint firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
Completion of my remortgage has taken place for my property in Gamlingay. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
After what feels like an age I have had an offer on a flat in Gamlingay accepted, the sellers do however have a dependent purchase. The vendors have offered on a flat, however it’s not been accepted yet, and have viewings of other flats in the pipeline. I have instructed a nearby conveyancing solicitor in Gamlingay. What do I do now? When should I get the mortgage application with Lloyds going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then survey, Gamlingay conveyancing search charges, etc). First, you should ensure that your solicitor is on the Lloyds approved list. As to the next steps this very much depends on the specifics of your case, attraction to this property and on the state of the market. In a rising market many buyers will apply for the mortgage with Lloyds and pay for the valuation and only if it was satisfactory would they request their lawyer to proceed with searches.
Have completed on a a semi-detached house in Gamlingay , how long will it take for the Land Registry to register my ownership? My Gamlingay conveyancing solicitor has been very slow, so I want to be sure that my name is recorded.
There is nothing unique when it comes to conveyancing in Gamlingay registration formalities. Rather than based on location, timescales can vary subject to who lodges the application, whether there are errors and whether the Land registry have to notify any other parties. At present roughly 80% of submission are fully addressed within two weeks but some can be subject to protracted hold-ups. Registration is effected once the buyer is living at the premises thus post completion formalities is not usually top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Gamlingay. 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 conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Gamlingay
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Gamlingay I like with open areas and transport links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Gamlingay suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan that many years may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass 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 about this matter.
I have just appointed agents to market my garden flat in Gamlingay. Conveyancing solicitors are to be appointed soon, but I have recently received a half-yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the invoice as you normally would given that all rents and service payments should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a basement flat in Gamlingay, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Gamlingay with an extended lease are worth £222,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2096
You have 70 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.