Our lawyer has uncovered a a legal deficiency with the lease for the flat we are purchasing in South Cave. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must check that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor 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 lender 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.
We're in South Cave, First timers buying with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Are there restrictive covenants that are commonly identified as part of conveyancing in South Cave?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in South Cave. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in South Cave differ for newly converted properties?
Most buyers of new build or newly converted property in South Cave come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in South Cave typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in South Cave or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one near me in South Cave I like with amenity areas and station nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in South Cave in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage that many years may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I only have Sixty One years left on my lease in South Cave. I need to extend my lease but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. For most situations an enquiry agent should be useful to try and locate and prepare an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing South Cave.
South Cave Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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It is important to be aware if redecorating or some other significant cost is due shortly to be shared amongst the tenants and will materially increase the the service costs or necessitate a specific payment. Where a South Cave lease has less than 80 years it will impact the salability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most South Cavelease extensions you will need to own the residence for a couple of years before you are legally able to extend the lease.