My conveyancer has identified a defect with the lease for the property we are purchasing in Babbacombe. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the lender 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. These conveyancing instructions must be adhered to.
We wanted to use a conveyancing solicitor in Babbacombe for our home move. Our broker has since notified us that our bank Skipton Building Society won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most lenders had a different appetite for risk. Almost all Babbacombe conveyancing firms would have been on most bank panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many Babbacombe conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Babbacombe is amongst the many areas where the lawyers we recommend are are authorised to act for Skipton Building Society.
It has been three months since my purchase conveyancing in Babbacombe concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 premises 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 have been on the look out for a ground for flat up to £305k and found one near me in Babbacombe I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Babbacombe suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Is it simple use the search facility to locate a conveyancing lawyer in Babbacombe on the panel for my mortgage?
Step one is to pick a mortgage company such as National Westminster Bank, Coventry Building Society or Alliance & Leicester then type in your preferred area for instance Babbacombe. Conveyancing firms in Babbacombe and further afield will then be identified.