My lawyer has uncovered a defect with the lease for the property we are buying in Olney. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender 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 lender 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 specifications. You and the bank are the client. These conveyancing instructions must be adhered to.
My grandmother passed away last year and as sole heir and executor I was left the house in Olney. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
Given you intend to refinance then Barclays will insist on your using a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
About to purchase a new build apartment in Olney. Conveyancing is necessary evil 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.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Olney
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Please supply a car parking plan. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Olney I like with open areas and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Olney in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Given that I will soon part with hundreds of thousands of pounds on a house in Olney I wish to have a conversation with the lawyer about myhouse move in advance of instructing the firm. Is this something that you can arrange?
Absolutely - we would be delighted to talk to you we do not take any clients on without you first talking to the solicitor who will be conducting your property ownership legalities in Olney.There is no ‘factory style conveyancing’ - every client is an important individual, not a case number. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Olney should be the amount on the final invoice that you are charged.
I am searching for Olney online conveyancing estimates. Can I be sure that all the Olney law firms that are identified on your website are on the bank conveyancing panel?
The law firms on our directory have advised us that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Olney firm being on the mortgage company conveyancing panel is not accurate.