My lawyer has identified a a legal deficiency with the lease for the property we are purchasing in Plasmarl. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must check that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Even though 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 requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Skipton Solicitor panel ahead of completing my conveyancing in Plasmarl?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Forgive me if this question is silly but I am new to the process as a first time buyer of a garden flat in Plasmarl. Do I collect the keys to the house on the completion date from my lawyer? If so, I will instruct a High Street conveyancing solicitor in Plasmarl?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the vendor’s conveyancers, and once they have received this, you should be able to collect the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
I happen to be the single beneficiary of my late grandmother’s estate and I have everything in my name now, including the my former home in Plasmarl. The Plasmarl property was put into my name in December. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the property in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many banks would take a practical view as this clause is primarily there to pick up on the purchase and immediately sell or the quick reselling of properties.
We expect to receive a DIP from TSB this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any Plasmarl solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Plasmarl solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
I am buying a house and the solicitor has identified Chancel Repair for which the house may be obligated to contribute to as it falls into the area of such a church. He has recommended insurance. Is this really necessary for conveyancing in Plasmarl
Unless a previous purchase of the premises took place after 12 October 2013 you may take it that solicitors handling conveyancing in Plasmarl to remain recommending a chancel search and or chancel repair liability policy.
I'm purchasing my first flat in Plasmarl benefiting from help to buy. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my conveyancer about this extras as it could jeopardize my mortgage with the lender. 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've recently bought a leasehold house in Plasmarl. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a 1 bedroom flat in Plasmarl, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Plasmarl with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2079
With just 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.