Our conveyancer has uncovered a a problem with the lease for the property we are buying in Cemaes Bay. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.
It is a dozen years since I purchased my property in Cemaes Bay. Conveyancing lawyers have now been appointed on the sale but I can't locate my deeds. Is this a problem?
You need not be too concerned. First there is a possibility that the deeds will be kept by your mortgage company or they may stored with the conveyancers who acted in your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. The vast majority of conveyancing in Cemaes Bay relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
Two weeks ago we had a mortgage agreed in principle with HSBC. Cemaes Bay conveyancing solicitors have been selected. How long does it take for HSBC to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have HSBC conducted the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am buying a property in Cemaes Bay. A rare aspect is that the roof has a solar panel. Clydesdale have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Clydesdale your lawyer must check the conveyancing requirements set out in Part 2 of UK Finance Lenders’ Handbook for Clydesdale. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Clydesdale where a lease fails to satisfy these requirements. The requirements relate to the installation of panels on properties countrywide and is not limited to Cemaes Bay.
I can not work out if my lender requires a lease extension. I have telephoned my Cemaes Bay bank branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Cemaes Bay conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their published requirements. Who do I believe?
Provided that the lawyer is on the lender approved list, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I would like to let out my leasehold apartment in Cemaes Bay. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A small minority of properties in Cemaes Bay do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Leasehold Conveyancing in Cemaes Bay - Examples of Queries Prior to buying
Make sure you discover if there is anything that is prohibited in the lease. For example it is very common in Cemaes Bay leases that pets are not permitted in certain buildings in Cemaes Bay. If you like the apartmentin Cemaes Bay however your cat can’t live with you then you will be faced hard choice. Is there a share of the freehold? What is the yearly maintenance fee and ground rent?
Why am I unable to complete my conveyancing in Cemaes Bay on Easter Monday?
Because on completion the purchase price will be transferred electronically between the banks of the purchaser and owner’s solicitor and currently this can only occur on a business day. It is not possible to complete on a weekend either.