Our lawyer has discovered a a problem with the lease for the apartment we are buying in Tewkesbury. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the mortgage company 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 conditions. You and the lender are the client. The appropriate lender specifications must be adhered to.
I have an AIP. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather appoint a specialised conveyancing solicitor in Tewkesbury?
Do check but the the likelihood is that appoint one of their panel conveyancers should you accept the "fee-free" incentive. Speak to the lender to determine if they make available a cash alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Tewkesbury.
4 months have gone by since my purchase conveyancing in Tewkesbury took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Tewkesbury is where the house is located. Is there any guidance you can give?
Flying freeholds in Tewkesbury are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tewkesbury you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tewkesbury may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am intending to sublet my leasehold flat in Tewkesbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease governs the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Tewkesbury do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Tewkesbury Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
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Its a good idea to find out as much as possible regarding the company managing the building as they will either make your living at the property much simpler or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the upkeep of the common parts. You should not be afraid to ask other people what they think of them. On a final note, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. You should be aware that where the lease has fewer than 80 years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth finding out what this will be. For most Tewkesburylease extensions you will be required to have owned the residence for two years before you are legally able to extend the lease. Are any of leasehold owners in dispute over their service charge liability?
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.