My conveyancer has discovered a defect with the lease for the flat we are buying in Belper. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. 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 solicitor will have no choice but to discontinue acting for you.
Why do I have to pay up front for my conveyancing in Belper?
Where you are retaining lawyers for conveyancing in Belper your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the total price then this will be needed immediately prior to exchange of contracts. Any further balance that is due will be payable shortly before completion.
I am the sole beneficiary of my late father’s estate with all property in now in my sole name, including the house in Belper. The Belper property was put into my name in October. I plan to dispose of the property. I do know about the CML six month 'rule', meaning my proprietorship may be considered the same way as if I'd bought the property in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many lenders would take a practical view as this requirement is principally there to capture the purchase and immediately sell or the flipping of property.
When it comes to mortgage companies such as Yorkshire BS, do Belper solicitors have to pay a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Completion of my remortgage has taken place for my property in Belper. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I work for a long established estate agent office in Belper where we see a number of flat sales derailed due to short leases. I have been given contradictory information from local Belper conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Belper Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
Where a Belper lease has no more than 80 years it will impact the value of the property. Check with your lender that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out what this would cost. Remember, in most cases you will be required to have owned the residence for two years in order to be eligible to carry out a lease extension. The best form of lease structure is if the freehold interest is owned by the leaseholders. In this situation the leaseholders have being in charge if their destiny and even though a managing agent is often retained if the building is larger than a house conversion, the managing agent is directed by the tenants. How much is the ground rent and service charge?
Is there a difference between surveying and conveyancing in Belper?
Conveyancing - in Belper or elsewhere - is the legal term given to transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are buying and will help you discover the condition of the building and, if there are problems, give you leverage for negotiating the buying price down or asking the seller to remedy the problems before you complete your move.