Our lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Sandown. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your 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 conveyancing practitioner will have no choice but to discontinue acting for you.
What does a local search inform me regarding the property I am purchasing in Sandown?
Sandown conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays a central role in most Sandown conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Due to the encouragement of my in-laws I had a survey completed on a property in Sandown in advance of instructing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders tend not give a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Sandown. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use the search tool to select a conveyancing practitioner in Sandown on the panel for my mortgage?
1st choose a mortgage company such as Accord Mortgages Ltd, Leeds Building Society or Platform Home Loans Ltd then specify your preferred area for example Sandown. Conveyancing practices in Sandown and across England and Wales should be identified.
I am attracted to a couple of apartments in Sandown both have about forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Sandown. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area.
Sandown Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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How many of the leaseholders are in arrears for their service charge payments? Best to be warned if window replacement or some other major work is pending that will be shared between the leaseholders and could well materially impact the level of the service fees or result in a specific payment.
Developers have recommended to me a property lawyer and I've received a quote from them. It's nearly two hundred pounds cheaper than my local Sandown conveyancing practitioner. Should I use them?
Housebuilders frequently have panels of solicitors who expedite matters and who know the seller’s paperwork and conveyancer. Plenty of developers offer an inducement to select a preferred lawyer for this reason, any increased cost can be avoided and a developer won't recommend a conveyancing factory and run the risk of having the conveyancing stall when they require an exchange within a tight time frame. A counter-argument for not opting for the suggested conveyancer is that they may prove hesitant to 'push' your interests for fear of upsetting the developer. Where you have concerns that this may be the case you should remain with your high street Sandown lawyer.