My solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Hamworthy. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the lender is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company 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 mortgage company are the client. These conveyancing instructions have to be complied with.
I have 70 years unexpired on my lease and require a lease extension for my flat in Hamworthy. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/4/2019 the requirements read as follows :
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
There are plenty of conveyancing solicitors in Hamworthy but how do I know who's good?
Do not opt for the cheapest Hamworthy conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
Does a directory service exist listing Kent Reliance panel conveyancers in Hamworthy on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association websites. A small selection of lenders make their panel listings visible online. Where you are in need of a Hamworthy solicitor on the Kent Reliance please make the most of our facility.
How can we know in advance if a Hamworthy conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in Hamworthy obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor handling your transaction.
I'm remortgaging my current home to a BTL loan with Barclays Direct and I will use the ballance of the raised equity as a deposit on a second house. The location we are interested in is Hamworthy. Will your solicitors be able to act for the two lenders and link together the two deals?
Do use our comparison tool on this page to check that the conveyancers are on the appropriate lender panels. On the basis that they are the conveyancer should be able to connect the two deals but you should talk with you solicitor and specify your desired outcome and requirements.
I am 3 weeks into a freehold purchase having been directed to solicitors by the local agent to execute conveyancing in Hamworthy. I am am very disappointed with the quality of service. Can you you assist me in finding new conveyancers?
A conveyancer would have to be really bad in order to consider replacing them. Has your mortgage been generated? If so you must inform them of the new contact details and have the loan are re-issued. Your new conveyancer needs to be on the mortgage company approved list to avoid supplemental expenses and delays. So that should be your starting point. Our find a solicitor tool can assist you in finding a lender approved lawyer for your home move in Hamworthy