Our lawyer has uncovered a defect with the lease for the apartment we are buying in Dymock. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must check that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions 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 lender are the client. The appropriate lender conditions must be adhered to.
I am buying a new build apartment in Dymock. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Dymock
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Dymock I like with open areas and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Dymock for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I am thinking of appointing a conveyancing practitioner in Dymock for my sale. Is there any facility to check a firm’s complaints history with the profession’s regulator?
Members of the public may see presented Solicitor Regulator Association (SRA) determinations stemming from investigations from 2008 onwards. Go to Check a solicitor's record. For records Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The SRA sometimes monitor call for training requirements.
I have read on a number of online forums that before selecting a conveyancing lawyer they need approved by your bank. I am new to the process but I have an AIP from HSBC and I already have a bricks and morter conveyancing solicitor in Dymock on standby. Can Virgin Money need an approved solicitor to be used? Does a list of panel conveyancers even exist so I can pick a conveyancing lawyer in Dymock?
You should instruct a solicitor that is on the Virgin Money panel. Simply telephone your chosen Dymock conveyancing lawyer to check if they are on the Virgin Money panel. If they are not approved you have a couple of alternatives available to you here:
- Proceed with your chosen Dymock conveyancer but Virgin Money will no doubt instruct a solicitor on their conveyancing panel. The net result is additional fees together with probable delay.
- Appoint a fresh lawyer to act in the purchase, ensuring that they are on the Virgin Money conveyancing panel.
- Appeal to your conveyancer to apply to join the lender panel.