Our lawyer has discovered a a problem with the lease for the flat we are purchasing in Benfleet. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer 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 lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions 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 mortgage company are the client. The appropriate lender requirements have to be complied with.
I am considering applying for a Skipton mortgage for purchase of a new build (under development) in Benfleet with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton ?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am purchasing a new build house in Benfleet benefiting from help to buy. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not disclose to my conveyancer about this extras as it would put at risk my mortgage with Lloyds TSB Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 decided to have a survey completed on a property in Benfleet ahead of retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies tend refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Benfleet. Conveyancing may be slightly more expensive based on your lender's requirements.
My business partner and I are planning to lease a unit on the high street. Can you recommend lawyers offering competitive costs for non-domestic conveyancing in Benfleet for below £2000?
We can recommend firms who host a wealth of experience of commercial conveyancing in Benfleet, including the sale and purchase of businesses as well as simply premises. If you are intending to acquire or sell a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right lawyer. Regarding the costs these will vary based on the structure and heads of terms of the deal. Let us have your details or call so as to enable us to furnish you with comprehensive commercial conveyancing quote.