My solicitor has uncovered a a legal deficiency with the lease for the flat we are buying in Nether Stowey. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is 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 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 mortgage company are the client. These conveyancing instructions must be adhered to.
I need some expedited conveyancing in Nether Stowey as I have pressure to exchange contracts in less than one month. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not obtaining a mortgage you are at free not to have searches carried out although no conveyancer would recommend that you don't. With plenty of history conveyancing in Nether Stowey the following are examples of issues that can show up and adversely affect future saleability: Enforcement Actions, Overdue Fees, Overdue Grants, Railway Schemes,...
How does conveyancing in Nether Stowey differ for newly converted properties?
Most buyers of new build residence in Nether Stowey contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Nether Stowey tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Nether Stowey or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one round the corner in Nether Stowey I like with a park and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Nether Stowey suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
How easy is it to use the search facility to locate a conveyancing lawyer in Nether Stowey on the panel for my mortgage?
Step one is to pick a mortgage company such as Lloyds TSB Bank, The Mortgage Works or Platform Home Loans Ltd then type in your location e.g. Nether Stowey. Conveyancing organisations in Nether Stowey and nationally will then be shown.
Why do I have to send my property lawyer with various items of identification before they can proceed with my conveyancing in Nether Stowey?
Nether Stowey conveyancers are duty bound by the Law Society, SRA, HM Land Registry and current AML Regulations to record that the have checked the identity of their clients. It is also sometimes a requirement of your lender where you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, national insurance number and date of birth.