Our lawyer has uncovered a a problem with the lease for the apartment we are buying in Rushden. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
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 provisions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Barclays Solicitor panel ahead of completing my conveyancing in Rushden?
First, 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 at a cost.
I am buying my first flat in Rushden with a mortgage from Nottingham Building Society. The developers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my lawyer about the deal as it may impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 found one round the corner in Rushden I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Rushden suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am looking to sell my home. My past solicitors has retired. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Rushden if that makes things easier.
Do use our search tool to help you find a solicitor for your conveyancing in Rushden. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
My conveyancing in Rushden is set to complete next Friday, but the sellers I am purchasing off wants to move out the next day at midday. Can I agree to this?
You can't complete on a Saturday due to the bank systems are not working.