My lawyer has identified a defect with the lease for the flat we are buying in Burnham On Sea. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
Notwithstanding 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 requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
Can your site be used to recommend a Conveyancing solicitor in Burnham On Sea even if I’m not buying or disposing of a house, for instance if I wish to acquire a shop in Burnham On Sea with a loan from Bank of Ireland?
Our comparison service is predominantly utilised to find domestic conveyancing solicitors in Burnham On Sea but we have set out at the bottom of this page some Burnham On Sea commercial conveyancing firms. You will need to make contact with the firm directly to see if they can also act for Bank of Ireland
Will our conveyancer be raising enquiries regarding flooding during the conveyancing in Burnham On Sea.
Flooding is a growing risk for conveyancers carrying out conveyancing in Burnham On Sea. There are those who purchase a house in Burnham On Sea, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or by their conveyancers which can give them a better understanding of the risks in Burnham On Sea. The conventional set of property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to determine if the property has suffered from flooding. If the property has been flooded in past which is not disclosed by the vendor, then a purchaser could issue a legal claim for losses as a result of such an inaccurate response. A buyer’s conveyancers should also order an enviro search. This will reveal whether there is any known flood risk. If so, further inquiries should be made.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Burnham On Sea I like with amenity areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Burnham On Sea 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 mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. 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 then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Am I best advised to go with a Burnham On Sea conveyancing solicitor in close proximity to the house I am buying? An old friend can conduct the legal work however her office is 400kilometers drive away.
The primary upside of using a high street Burnham On Sea conveyancing firm is that you can visit the firm to sign paperwork, deliver your ID and apply pressure on them if necessary. They will also have local knowledge which is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and in the main were impressed that should trump using an unknown Burnham On Sea conveyancing solicitor solely due to them being local.