Our solicitor has discovered a a problem with the lease for the property we are purchasing in Brislington. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the bank is content with this solution. Who is the client here, us or the mortgage company ?
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 specifications 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. These conveyancing instructions must be adhered to.
My Conveyancer in Brislington has never been on on the Birmingham Midshires Approved Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are not on the Birmingham Midshires panel?
The limited options available to you here include:
- Carry on with your preferred Brislington solicitors but Birmingham Midshires will need to instruct a solicitor on their panel. This will result in additional overall conveyancing charges as well as cause frustration.
- Choose a new lawyer to to deal with the conveyancing, remembering to check they are on the Birmingham Midshires panel
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Brislington I like with open areas and railway links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Brislington in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
What does commercial conveyancing in Brislington cover?
Brislington conveyancing for business premises covers a wide range of guidance, offered by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
Developers have suggested I use a conveyancer and I've obtained an estimate from them. It's almost three hundred pounds less expensive than my preferred Brislington conveyancer. What's the catch?
Developers frequently have panels of conveyancing practitioners who are quick and who know the seller’s contract and property lawyer. Plenty of developers offer an incentive to use a preferred property lawyer for this reason, any increased cost can be avoided and a builder won't recommend a conveyancing factory and run the risk of having the conveyancing stall when they need an exchange in 28 days. A counter-argument for not agreeing to use the suggested lawyer is that they may prove unwilling to 'push' your interests at the risk of upsetting the housebuilder. If you worry that this may be the case you should keep with your high street Brislington solicitor.