My conveyancer has discovered a defect with the lease for the apartment we are buying in Cowes. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company 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 lender are the client. These conveyancing instructions have to be complied with.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Cowes I like with a park and station nearby, however it only has 52 remaining years left on the lease. There is not much else in Cowes for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months 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 current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Given that I am about to part with £400,000 on a garden flat in Cowes I would like to have a conversation with the solicitor regarding thehouse move in advance of appointing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the lawyer due to be conducting your conveyancing in Cowes.There is no ‘factory style conveyancing’ - each client is an important person, not a file number. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Cowes should be the figure that you are charged.
I need to instruct a conveyancing solicitor for my conveyancing in Cowes. I have land on a web site which looks to be the perfect solution If there is a chance to get all the legals done via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Should I cancel the direct debit for my mortgage with Leeds Building Society once a completion date for my sale in Cowes has been agreed?
You would be well advised to continue meeting any mortgage sums to Leeds Building Society pending the mortgage being redeemed on completion as part of your Cowes conveyancing.