Our conveyancer has identified a defect with the lease for the property we are purchasing in Winslow. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the bank?

Regardless of the fact 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 conditions. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.

Do banks and building societies provide you with an approved list of Winslow conveyancing solicitors? How do you know who is on the Virgin Money conveyancing panel?

Winslow conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.

I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Winslow I like with a park and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Winslow in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?

Should you require a home loan that many years will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.

Am I best advised to go with a Winslow conveyancing solicitor based in the area that I am buying? We have a good friend who can conduct the legal work but they are based 400kilometers drive away.

The benefit of a local Winslow conveyancing firm is that you can drop in to execute documents, hand in your identification documents and apply pressure on them if necessary. Having local Winslow know how is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and on the whole were content that should surpass using an unknown Winslow conveyancing solicitor solely due to them being based in the area.

I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Winslow. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Winslow are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Winslow in which case you should be looking for a Winslow conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

Winslow Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying

The best form of lease structure is where the freehold interest is owned by the leaseholders. In this scenario the tenants enjoy control and notwithstanding that a managing agent is often employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. What restrictions exist in the Winslow Lease? It would be prudent to enquire if there are any onerous restrictions in the lease. By way of example it is very common in Winslow leases that pets are not allowed in in a block in Winslow. If you like the propertyin Winslow however your dog is not allowed to live with you then you will be faced difficult decision.