My lawyer has uncovered a a legal deficiency with the lease for the property we are buying in Middlewich. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements 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 bank are the client. The appropriate lender provisions must be adhered to.
I own a freehold house in Middlewich but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Middlewich and has limited impact for conveyancing in Middlewich but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I am selling my apartment in Middlewich. Will the conveyancer have to be on the Skipton conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Skipton conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
Forgive me if this question is silly but I am unseasoned as a 1st time buyer of a ground floor flat in Middlewich. Do I collect the keys to the house on the completion date from my solicitor? If so, I will use a High Street conveyancing solicitor in Middlewich?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s lawyers, and once they have received this, you should be invited to receive the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.
I have been advised by my lawyer that chancel insurance is needed on my purchase. What is the level of cover for Middlewich conveyancing?
The right level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such insurances.
UBS have agreed my home loan in principle, my bid on a flat in Middlewich has been agreed to, what happens next?
The estate agent will need to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Contact UBS or the broker and complete any outstanding paperwork. UBS will instruct a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. UBS will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Middlewich.
I'm purchasing a new build house in Middlewich with a loan from The Royal Bank of Scotland. The sellers would not budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not inform my conveyancer about this side-deal as it would jeopardize my loan with The Royal Bank of Scotland. Should I keep quiet?.
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.
I am looking for a flat up to £245,000 and found one round the corner in Middlewich I like with amenity areas and station in the vicinity, however it only has 61 remaining years left on the lease. I can't really find anything else in Middlewich suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Discount the price 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 twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.