It has come to my attention via my estate agent that my Kemp Town the law firm I have appointed is not on the mortgage company Solicitor panel. How can I check?
The sensible course of action for you to take is to contact your Kemp Town lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they may recommend you to a Kemp Town conveyancing practice that is on the conveyancing panel for your bank.
My conveyancer has uncovered a a problem with the lease for the flat we are buying in Kemp Town. The other side have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions have to be complied with.
Do the Building Society Association intend to launch a online directory to to identify solicitors on the Loughborough BS conveyancing panel for example in Kemp Town?
We have not been informed any intention on the part of the BSA to promote such a tool.
My bid for a property was accepted at auction in Kemp Town. Conveyancing is needed. What are my next steps?
Given that you are now legally committed yourself to purchase you should appoint a conveyancing lawyer quickly as you are faced with a pending a fixed date to complete the deal. All auction property should have a corresponding legal set of papers. This will include evidence of title and search results. Where you are dealing with leasehold premises the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You must hand this to the solicitor working for you as soon as possible. Do make sure that your finances are in place to complete the transaction on the set completion date.
I happen to be the single beneficiary of my late mum's estate and I have everything in my name alone, including the house in Kemp Town. Conveyancing formalities meant that the Land Registry date was in September. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship will be regarded the same way as if I'd bought the house in September. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Most lenders would take a sensible view as this provision primarily exists to identify subsales or the quick reselling of property.
We have a mortgage agreed in principle with Principality. Kemp Town conveyancing lawyers have been appointed. What is the average time that one could expect to receive a mortgage offer from Principality?
Some lenders take longer than others. Have Principality done the survey? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have been told that property searches are a common cause of hinderance in Kemp Town house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Kemp Town.
I have recently realised that I have 72 years unexpired on my flat in Kemp Town. I now want to get lease extension but my landlord is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 demonstrate that you have used your best endeavours to find the landlord. In some cases a specialist may be helpful to conduct investigations and prepare an expert document to be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court covering Kemp Town.
I purchased a 1st floor flat in Kemp Town, conveyancing having been completed in 1996. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Kemp Town with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2100
You have 75 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to 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.