Our lawyer has identified a a problem with the lease for the property we are purchasing in Lound. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must ensure that the bank is happy 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 mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. 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.
My bid for a property was accepted at auction in Lound. Conveyancing is required. What happens now?
Now that you are for in every practical sense signed on the dotted line you should appoint a conveyancing practitioner quickly as you will have a tight deadline in which to complete the property. An auction property will have a corresponding auction pack. This will include most,if not all of the paperwork that your solicitor requires. 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 associated conveyancing paperwork specific to a leasehold property. You must give this to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding in order to complete the transaction on the set completion date.
My partner and I have arranged a further advance on our mortgage from Kent Reliance as we want to conduct renovations to our home in Lound. Do we need to choose a local Lound solicitor on the Kent Reliance conveyancing panel to handle the legals?
Kent Reliance do not ordinarily require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance conveyancing panel.
I have a mortgage with Clydesdale for my property in Lound. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
You must advise Clydesdale in advance of renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
About to purchase a new build flat in Lound. 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 legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Lound
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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.
Due to the input of my in-laws I had a survey completed on a house in Lound in advance of instructing solicitors. I have been advised that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will refuse to grant a mortgage on this type of house.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Lound. Conveyancing will be smoother if you use a solicitor in Lound especially if they are accustomed to such properties in Lound.
I'm converting the mortgage on my primary property to a BTL loan with Virgin Money and I will use the rest of the raised equity as a down payment on a second property. The location we are looking at is Lound. Will your solicitors be able to act for both sets of lenders and tie in the conveyances?
Make use of our comparison tool on this site to check that the lawyers are approved by both lenders. On the basis that they are the conveyancer will be able to tie up the two deals but you should have a chat with you solicitor and make clear your desired outcome and needs.
Am I better off to appoint a Lound conveyancing practitioner based in the location that I am purchasing? We have a good friend who can execute the conveyancing but his firm is located 300kilometers away.
The primary upside of using a high street Lound conveyancing practice is that you can visit the firm to execute documents, present your ID and apply pressure on them where appropriate. Having local Lound know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were impressed that must surpass using an unknown Lound conveyancing lawyer just because they are Lound based.