My conveyancer has uncovered a a legal deficiency with the lease for the flat we are buying in Gwersyllt. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the lender is willing to move forward with this solution. Are we the client or is the lender?
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 solicitor 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I am being told by my lawyer that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Gwersyllt?
The right level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I can not work out if my bank requires a lease extension. I have called my Gwersyllt bank branch on a couple of occasions and was reassured it wasn't an issue and they would lend. My Gwersyllt conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
Provided that the solicitor is on the lender approved list, they must adhere to the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Gwersyllt solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Gwersyllt postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in Gwersyllt.
I purchased a 4 bedroom Edwardian property in Gwersyllt. Conveyancing solicitor acted for me and TSB. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Gwersyllt and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing solicitor who conducted the work.
I'm purchasing my first flat in Gwersyllt with a mortgage from Nottingham Building Society. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about the deal as it would adversely affect my mortgage with the bank. 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.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Gwersyllt I like with open areas and station nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Gwersyllt suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Are there any apps to assist me to locate a Gwersyllt law firm on the Lloyds TSB Bank conveyancing panel? I am a keen cyclist and am prepared to travel upto 20kilometers to meet the conveyancer.
You can use the tool on this page. Please pick a bank and your location and you will see a number of Gwersyllt conveyancing lawyers locally. We have listed some Gwersyllt conveyancing firms at the bottom of this page and you can ring them to verify if they are on the Lloyds TSB Bank member panel