My lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Ratcliff. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I'm buying my first flat in Ratcliff with a mortgage from Barclays . The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not to tell my lawyer about the deal as it would jeopardize my loan with Barclays . 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 £305k and identified one close by in Ratcliff I like with open areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Ratcliff in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Ratcliff. I have discover a web site which appears to be the perfect answer If there is a chance to get all this stuff done via phone that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Estate agents have just been given the go-ahead to market my basement apartment in Ratcliff. Conveyancing solicitors are to be appointed soon, however I have recently received a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the maintenance contribution as normal as all rents and service charges will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until 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.
I am the registered owner of a second floor flat in Ratcliff. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
You certainly can. We can put you in touch with a Ratcliff conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Ratcliff residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The remaining number of years on the lease was 101.61 years.
My brother-in-law has suggested I instruct a conveyancing solicitor in Ratcliff. I I would like to check if they are listed on the lender's approved list of lawyers. Could you advise?
One option is to phone your conveyancer to enquire if they are on the bank's panel. If that does not help get in touch with us and we can make some checks for you. Should the firm not be on the lender panel we we can help find a specialist conveyancing solicitor in Ratcliff on the approved list for your lender.