My conveyancer has uncovered a a legal deficiency with the lease for the flat we are buying in Deeside. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 conveyancing practitioner will have no choice but to discontinue acting for you.
About to place an offer on a leasehold apartment in Deeside. The estate agents assure me that it is standard for flats in Deeside to have less than 75 years unexpired on the lease. I am getting a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has Seventy One years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 24/11/2023 the requirements read as follows :
A friend pointed out to me me that in purchasing a property in Deeside there may be various restrictions preventing external alterations to a property. Is this right?
There are anumerous of properties in Deeside which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Deeside should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We previously selected conveyancing lawyers based in Deeside on the UBS solicitor approved list. They are now charging me a further charge for dealing with the UBS mortgage. Is this a supplemental conveyancing fee set by UBS?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer is entitled to charge a fee for this. This fee is not dictated by UBS but by your Deeside solicitor. Some firms on the UBS panel will quote ’dealing with mortgage’ fee but many firms include it on their overall fee.
After what feels like an age I have had an offer on an apartment in Deeside agreed to, the sellers do however have a tied purchase. The sellers have put an offer on on an apartment, however it’s not yet tied up, and are looking at other properties booked. I have selected a bricks and mortar conveyancing solicitor in Deeside. What should be my next step? At what stage should I apply for the mortgage with Skipton?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then valuation, Deeside conveyancing search costs, etc). The first thing to do is ensure that your conveyancer is on the Skipton conveyancing panel. As to the next steps this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. In a rising market many buyers will apply for the mortgage with Skipton and pay for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with searches.
How does conveyancing in Deeside differ for newly converted properties?
Most buyers of new build property in Deeside approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Deeside tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Deeside or who has acted in the same development.
Been searching for a conveyancer for leasehold sale conveyancing in Deeside. We are selling, simple no mortgage to pay off, no hurry, currently vacant. Had a quote from a property lawyer for £1000 excluding VAT which is a little expensive given that its so straightforward. Can I pay less for conveyancing in Deeside?
As it’s a sale only, £425 + VAT is likely to be about the lowest for sale conveyancing in Deeside.