Our lawyer has uncovered a defect with the lease for the flat we are buying in Hillsborough. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or 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 mortgage company are the client. These conveyancing instructions must be adhered to.
I need some expedited conveyancing in Hillsborough as I have an ultimatum to exchange contracts within one month. Luckily I do not require a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a cash purchaser you are at liberty not to have searches carried out although no solicitor would recommend that you don't. With plenty of history conveyancing in Hillsborough the following are examples of what can crop up and therefore impact the marketability of the property: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
I am purchasing my first flat in Hillsborough with a mortgage from Nationwide Building Society. The builders refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my lawyer about this side-deal as it will put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £305k and found one near me in Hillsborough I like with a park and station nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Hillsborough for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan that many years will likely be problematic. Discount the price by the anticipated 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 could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I own a leasehold flat in Hillsborough. Conveyancing was completed in 2011. I have read on numerous advice forums that I should not allow the lease length fall too low. Is this correct?
Hillsborough domestic long term leases are for a set term - normally 99 years when they are first granted. However many appartments in Hillsborough were built or converted in the 70’s80’s and so such leases now have fewer than 80 years unexpired. This may sound like a long time however Banks, Building Societies and other mortgage institutions on the whole require leases to have at least seventy five years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. Furthermore advantages to taking action before the lease hits eighty years as when the lease is less than 80 years the amount to be paid to extend starts to escalate.