My conveyancer has discovered a a problem with the lease for the property we are buying in Warlingham. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer says that he must check that the bank is happy with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. The appropriate lender conditions must be adhered to.
How up to date is your database of Warlingham solicitors on the Skipton conveyancing panel? Do Skipton send you an updated list?
Warlingham conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
I acquired my home on 6 September and my personal details are still not registered. Need I be worried? My conveyancing solicitor in Warlingham said it will be recorded in a couple of weeks. Are titles in Warlingham uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Warlingham registration formalities. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether there are errors and if the Land registry must send notices to any 3rd parties. As of today in the region of 80% of submission are fully dealt with in less than three weeks but occasionally there can be longer delays. Registration takes place once the new owner is living at the property so registration formalities is not usually an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
I am purchasing my first flat in Warlingham with a mortgage from Chelsea Building Society. The builders refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my solicitor about this deal as it would adversely affect my mortgage with Chelsea Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Warlingham is the location of the property. Can you offer any opinion?
Flying freeholds in Warlingham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Warlingham you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Warlingham 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.
We own a leasehold flat in Warlingham. Conveyancing was finished in 2010. I have heard that I should not allow the the remaining lease term to fall too short. Is this correct?
Warlingham leasehold properties are for a fixed term - usually just under one hundred years when they started. However a significant flats in Warlingham were constructed or converted 20 or more years ago and so these leases now have under 80 years remaining. That may sound like a long time but Banks, Building Societies and other mortgage companies tend to require leases to have at least 75 years unexpired to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To increase the marketability of your property you should be considering whether to extend your lease long before you come to sell it. Furthermore strong financial reasons to taking action before the lease hits eighty years as when the lease is less than 80 years the premium you have to pay to extend starts to escalate.