My conveyancer has uncovered a defect with the lease for the flat we are buying in Kilgetty. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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 bank are the client. The appropriate lender conditions have to be complied with.
Why do I have to pay up front when it comes to conveyancing in Kilgetty?
Where you are retaining lawyers for conveyancing in Kilgetty your solicitor will request that you place them with funds to cover the the cost of the conveyancing searches. Normally this is called for to cover the fees of the conveyancing searches. If any deposit is payable against the sale price then this should be asked for immediately in advance of exchange of contracts. Any further balance that is needed should be transferred shortly before completion.
It has been 2 months since my purchase conveyancing in Kilgetty took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £235,500 and identified one near me in Kilgetty I like with open areas and station nearby, the downside is that it only has 61 years on the lease. There is not much else in Kilgetty in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
How does one remove a deceased person's details from the title register for a property in Kilgetty?
Where a Kilgetty property is jointly owned and one of the owners passes away, their name will not automatically be removed from the Land Registry title. It is not necessary to amend the title as when it comes to a disposal you would simply be required to supply proof why the other owner is missing from the conveyance, such as the probate documents.
With a view to making things more straight forward for the sale of the property you can apply to have the deceased person erased from the title entries by applying to the land registry with evidence of the death. There is no land registry fee payable.