My lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Sefton. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer says that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
When will exchange of contracts occur in residential conveyancing in Sefton and do I need to attend the conveyancers office?
If you are in close proximity to one of the conveyancing solicitors in Sefton you are invited in to sign contracts. However, the law practices we recommend offer countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not the point of no return. Signing on the dotted line is necessary for the conveyancer to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Sefton)to be in the office at the appropriate time.
We are buying a newbuild apartment in Sefton with a homeloan from Birmingham Midshires.We use our Sefton conveyancing practitioner but Birmingham Midshires says she’s not listed on their "panel". we are left little option but to use a Birmingham Midshires panel firm or retain our high street solicitor and fork out for a Birmingham Midshires panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you contains terms and conditions, a common one being that conveyancers needs to be on the Birmingham Midshires approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Birmingham Midshires
Should our conveyancer be asking questions concerning flooding during the conveyancing in Sefton.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Sefton. There are those who purchase a property in Sefton, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, but there are a various checks that may be carried out by the buyer or by their conveyancers which can give them a better understanding of the risks in Sefton. The conventional set of information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to determine if the premises has suffered from flooding. If flooding has previously occurred and is not notified by the owner, then a buyer may issue a legal claim for losses as a result of such an misleading response. A buyer’s solicitors will also commission an enviro search. This will indicate whether there is a recorded flood risk. If so, further inquiries will need to be made.
Just had an offer accepted on a new build apartment in Sefton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Sefton
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a flat up to £195,000 and identified one near me in Sefton I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Sefton suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.