Our solicitor has uncovered a a problem with the lease for the flat we are buying in Townhill. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications 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 lender are the client. These conveyancing instructions must be adhered to.
We had appointed conveyancing lawyers located in Townhill on the Kent Reliance solicitor approved list. They have just billed me a further amount for dealing with the Kent Reliance mortgage. Is this an additional conveyancing fee set by Kent Reliance?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. The fee is not set by Kent Reliance but by your Townhill property lawyer. Numerous firms on the Kent Reliance panel will levy an ‘acting for lender’ fee and others do not.
We are getting a further advance on our home loan from Yorkshire BS as we intend to conduct improvements to our home in Townhill. Do we need to choose a nearby Townhill solicitor on the Yorkshire BS conveyancing panel to handle the paperwork?
Yorkshire BS don't usually require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Kent Reliance are being problematic. The Townhill solicitor who is on the Kent Reliance conveyancing panel is recommending indemnity insurance as a solution but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My wife and I are close to exchanging contracts on the sale of our home in Townhill and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the buyers are using a national conveyancing outfit as opposed to a conveyancing solicitor in Townhill. We have lived in Townhill for many years we know of no issue. Do we get in touch with our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Over the last few months I have been searching for a flat up to £305k and identified one close by in Townhill I like with a park and station nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Townhill suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
What makes a Townhill lease unacceptable for security purposes?
Leasehold conveyancing in Townhill is not unique. Most leases are unique and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the property
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Townhill Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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This question is helpful as a) areas may cause problems for the building as the common areas may begin to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the managing agents you will want to know about it Does the lease contain onerous restrictions? It would be sensible to enquire if there are any onerous restrictions in the lease. By way of example it is very common in Townhill leases that pets are not allowed in certain buildings in Townhill. If you like the propertyin Townhill however your cat can’t move with you then you have a very hard choice.
I am just shy of a 10% deposit on my apartment purchase in Townhill , but I still want to exchange. Do I have options?
You can agree a lesser deposit. Many property owners will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment