Our conveyancer has discovered a a legal deficiency with the lease for the apartment we are purchasing in Woolton. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company 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 mortgage company 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Is there a reason why leasehold purchase conveyancing in Woolton is more expensive?
Woolton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My wife and I are close to exchanging contracts on the sale of our property in Woolton and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Woolton lawyer would know this is not the case. For the life of me I don't know why the purchasers are using a web based conveyancing firm as opposed to a conveyancing solicitor in Woolton. We have lived in Woolton for three years we know of no issue. Should we get in touch with our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? 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 life insurance to cover that same ailment)
My wife and I purchased a semi-detached Victorian property in Woolton. Conveyancing practitioner represented me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Woolton and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing solicitor who conducted the work.
I am purchasing a new build house in Woolton with the aid of help to buy. The developers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not inform my solicitor about the side-deal as it will affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
I opted to have a survey carried out on a property in Woolton prior to retaining conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies tend not grant a mortgage on this type of property.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Woolton. Conveyancing may be slightly more expensive based on your lender's requirements.