My conveyancer has discovered a a problem with the lease for the flat we are buying in Loughborough. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company 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 conditions. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
Do I need to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Loughborough so that I can attend their offices when needed.
As opposed to ten years ago, almost all mortgage companies no longer require their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to provide identification documents and there are still manifest advantages to instructing a locally based ayer, in your situation a conveyancing solicitor in Loughborough.
Are there restrictive covenants that are commonly identified as part of conveyancing in Loughborough?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Loughborough. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build apartment in Loughborough. Conveyancing is daunting 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 is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Loughborough
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have recently realised that I have Fifty years remaining on my lease in Loughborough. I am keen to extend my lease but my freeholder is missing. What are my options?
On the basis that you meet the appropriate requirements, 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 enable the lease to be lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the lessor. On the whole a specialist may be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court overseeing Loughborough.
Leasehold Conveyancing in Loughborough - Examples of Queries Prior to Purchasing
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Is the freehold reversion owned jointly by the tenants? What restrictions are contained in the Loughborough Lease? If a Loughborough lease has fewer than 80 years it will impact the marketability of the apartment. It is worth checking with your bank that they are content with remaining years on the lease. A short lease means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this will be. For most Loughboroughlease extensions you will be required to have owned the premises for a couple of years before you are entitled to exercise a lease extension.
Are there any specific benefits to using a local conveyancing practitioner in Loughborough
Home movers in Loughborough opt for a nearby high street solicitor so that they can attend the lawyer’s offices just in case they have problems, and to sign documents rather than run the risk of depending on the post.
There is a marginal benefit in opting for a lawyer local to a premises you are purchasing, due to the in-depth knowledge of the area and possible local concerns - yet this is moot. Many conveyancers carry out their work over the internet and could be based anywhere.