My conveyancer has identified a defect with the lease for the property we are buying in Waltham. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. 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.
Forgive me if this question is silly but I am new to the home buying as a 1st time buyer of a garden flat in Waltham. Do I receive the keys to the premises on completion from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Waltham?
On the day of completion you do not need to go to the conveyancers office in Waltham. Conveyancing lawyers for you will arrange to send the completion advance to the seller's solicitors, and shortly after the monies have arrived, you will be called to receive the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
I am buying a property in Waltham. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
Given that your lender is Yorkshire BS your lawyer must follow the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Yorkshire BS where a lease does not meet these conditions. The requirements relate to the installation of panels on properties nationwide and is not limited to Waltham.
Planning on purchasing a flat in Waltham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Waltham conveyancer is on the UBS conveyancing panel.
2 months have elapsed following my purchase conveyancing in Waltham took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 asset 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.
How does conveyancing in Waltham differ for newly converted properties?
Most buyers of new build property in Waltham contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Waltham usually buy the land, 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 conveyancers 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 Waltham or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and identified one close by in Waltham I like with amenity areas and station in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Waltham suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage that many years will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
We're FTB’s - agreed a price, but the agent advised that the vendor will only move forward if we appoint the agent's chosen lawyers as they are insisting on an ‘expedited deal’. We would rather use a local conveyancer with experience of conveyancing in Waltham
We suspect that the owner is unaware of this request. Should the vendor desire ‘a quick sale', alienating a motivated purchaser is going to damage their objectives. Bypass the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)however you are going to use your preferred Waltham conveyancing lawyers - not the ones that will earn the estate agent a commission or meet his conveyancing figures pre-set by senior management.