My conveyancer has identified a a problem with the lease for the apartment we are purchasing in Lyneham. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the mortgage company is happy 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 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 specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
Me and my brother have a renovated Edwardian property in Lyneham. Conveyancing lawyer represented me and Leeds Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lyneham and other areas of 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 mortgage companies. You can also question the position with your conveyancing practitioner who conducted the conveyancing.
I'm buying a new build house in Lyneham benefiting from help to buy. The builders refused to reduce the price so I negotiated £7000 of extras instead. The property agent told me not to tell my lawyer about the deal as it would adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the guidance of my in-laws I had a survey completed on a property in Lyneham in advance of instructing solicitors. I have been advised that there is a flying freehold element to the property. My surveyor advised that some banks will refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you contact us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Lyneham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lyneham to see if the conveyancing will be more expensive.
I have just started marketing my 2 bed apartment in Lyneham. Conveyancing is yet to be initiated, however I have recently had a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as usual given that all rents and maintenance invoices will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless 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. This will smooth the conveyancing process.
Lyneham Leasehold Conveyancing - A selection of Queries before buying
-
If a Lyneham lease has no more than 80 years it will affect the value of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this would cost. For most Lynehamlease extensions you will need to own the premises for two years before you are entitled to exercise a lease extension. How many years are left on the lease? On the whole the cost for major works are not included within maintenance charges, although some managing agents in Lyneham ask leaseholders to pay into a sinking fund and this is used to offset against larger works.
There are a lot of houses in Lyneham on unadopted lanes. We are acquiring one such house. What would be the advantages and disadvantages of purchasing a property on a privately owned road?
Lyneham conveyancing solicitors are used to transacting homeson private. The conveyancing practitioner will investigate title to find any rights or liabilities. It is possible that there is a management company (wholly owned by residents) that proprietors make annual contributions for the upkeep of the road. Where there is one, the road will likely be maintained and appear better than publicly owned.