Our conveyancer has identified a a problem with the lease for the apartment we are purchasing in Ravenscourt Park. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
Finally the sale completed on my house in Ravenscourt Park last July but our buyer keeps whats apping daily complaining that their conveyancer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Following your disposal your conveyancer should forward the transfer deeds and all of the paperwork to the purchaser's solicitors. If applicable, your lawyer must also evidence that the home loan has been repaid to the buyers solicitors. There are no post completion formalities unique to conveyancing in Ravenscourt Park.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Ravenscourt Park. 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 Aldermore, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Aldermore will insist on your using a conveyancer on the Aldermore 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 Aldermore 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 Aldermore mortgage is registered as a charge at the Land Registry.
I'm converting the mortgage on my current house to a buy to let mortgage with Bank of Scotland and intend to use the remaining equity as a deposit on further house. The area we are interested in is Ravenscourt Park. Will your solicitors be able to act for the two mortgage companies and tie in the two deals?
Make use of our search tool on this page to check that the conveyancers are on the appropriate lender panels. Having checked that they are your conveyancer should be able to tie up the two deals but you should have a chat with you conveyancer and specify your desired outcome and needs.
We're new to the buying process - had an offer accepted, yet the selling agent advised that the seller will only issue a contract if we use the agent's chosen conveyancers as they want a ‘quick sale’. We would rather use a high street solicitor used to conveyancing in Ravenscourt Park
It is improbable the sellers are behind this. If they want ‘a quick sale', turning down a serious purchaser is likely to cause more damage than good. Speak to the owners direct and make sure they comprehend that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you intend to use your preferred Ravenscourt Park conveyancing lawyers - rather thanthe ones that will provide the negotiator at the agency a kickback or meet his conveyancing targets demanded by corporate headquarters.
I own a leasehold flat in Ravenscourt Park. Conveyancing was finished in five years ago. I have read on numerous consumer forums that I should not let the lease length get too short. Why is that a problem?
Ravenscourt Park domestic long term leases are for a fixed period - usually ninety nine years when they started. However many appartments in Ravenscourt Park were built or converted 25 or more years ago and so these leases now have fewer than 80 years unexpired. This may seem like a long time however Banks, Building Societies and other mortgage lenders tend to require leases to have at least seventy five years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to 75 years. To maximise your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Please note that there are advantages to doing so before the lease reaches even 80 years as when the lease falls below 80 years the amount to be paid to extend starts to get a lot more expensive.