Our lawyer has uncovered a a problem with the lease for the property we are purchasing in Wroughton. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is happy with this solution. Are we the client or is the lender?
Notwithstanding that 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 requirements. You and the lender are the client. The appropriate lender conditions have to be complied with.
Why is leasehold purchase conveyancing in Wroughton costs more?
Wroughton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant 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.
It has been 2 months following my purchase conveyancing in Wroughton concluded. I have checked the Land Registry website 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 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.
I am buying a new build apartment in Wroughton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Wroughton
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I decided to have a survey carried out on a house in Wroughton prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will refuse to give a mortgage on such a house.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wroughton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wroughton to see if the conveyancing will be more expensive.
My father-in-law has recommend that I instruct his conveyancers in Wroughton. Should I use them?
No doubt it’s preferable to find a conveyancing solicitor is to seek referrals from friends or family who have actually experience in using the solicitor you're are thinking of instructing.