My conveyancer has discovered a a legal deficiency with the lease for the property we are buying in Fforestfach. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the lender is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the lender 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 lender are the client. The appropriate lender conditions have to be complied with.
My grandmother passed away last year and as sole heir and executor I was left the house in Fforestfach. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
I am helping my sister sell her flat in Fforestfach. Will the solicitor order the energy performance certificate or do I organise this?
After the abolition of Home Information Packs, energy assessments was maintained a mandatory component of selling a property. An energy assessment needs to be to hand in advance of the property being placed on the market. It is not a task that lawyers normally arrange. If you are instructing a Fforestfach conveyancing practitioner they may be able to arrange EPC’s given their contacts with reputable local accredited person
I am buying a property in Fforestfach. A rare aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Lloyds your lawyer must comply with the formal instructions outlined in Section two of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease fails to comply with these specifications. The conditions relate to the installation of panels on properties countrywide and is not limited to Fforestfach.
My partner and I are in the throws of looking at flats in Fforestfach and I am now considering a potential offer. Is it best to have my solicitor on ‘stand by’? I am planning to take a mortgage with Barclays.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are seeking a mortgage with Barclays, make sure you remember to check that your lawyer is on the Barclays conveyancing panel.
Due to the guidance of my in-laws I had a survey completed on a house in Fforestfach ahead of instructing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders may refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Fforestfach. Conveyancing may be slightly more expensive based on your lender's requirements.
Please can you clarify what options are open to me where my Fforestfach conveyancing searches shows negative results?
On the whole, the majority of concerns that arise in Fforestfach conveyancing search results can be dealt with ahead of completion or title insurance may be obtained. You should remember that regardless of the fact that you intend on acquiring the premises and may be willing to live with the search results, your mortgage lender may not, and ultimately the decision rests with them.