Our conveyancer has uncovered a defect with the lease for the apartment we are buying in Littleport. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. The appropriate lender conditions must be adhered to.
It is 10 years ago since I purchased my home in Littleport. Conveyancing solicitors have recently been appointed on the sale but I can't track down my deeds. Will this cause complications?
You need not be too concerned. First there is a chance that the deeds will be with the lender or they may stored with the solicitor who oversaw the purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Littleport relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Littleport. Do I collect the keys to the property on completion from my lawyer? If this is the case, I will find a High Street conveyancing solicitor in Littleport?
On the day of completion you will not be required to attend the conveyancers office in Littleport. Your solicitors will arrange to send the completion advance to the seller's solicitors, and once they have received this, you will be invited to receive the keys from the property Agents and move into your new home. Usually this occurs early afternoon.
I am currently in the process of buying my council flat in Littleport. I have a mortgage offer with Principality. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Principality, you will need to appoint a solicitor on the Principality conveyancing panel.
I have instructed a Littleport lawyer having made sure that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Littleport surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My husband and I are new to the buying process - agreed a price, yet the agent has warned us that the owners will only proceed if we appoint their chosen lawyers as they are insisting on a ‘quick sale’. We would rather use a local solicitor used to conveyancing in Littleport
We suspect that the seller is not behind this request. If they want ‘a quick sale', alienating a genuine purchaser is likely to cause more damage than good. Bypass the agents and go straight to the owners and explain that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Littleport conveyancing firm - as opposed tothe ones that will provide the estate agent a commission or meet his conveyancing targets set by senior management.
I wish to rent out my leasehold flat in Littleport. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your last Littleport conveyancing solicitor is no longer around you can review your lease to check if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek permission via your landlord or other appropriate person prior to subletting. This means that you cannot sublet without first obtaining consent. Such consent should not be unreasonably turned down. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
Littleport Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
Does the lease have onerous restrictions? Please note if it is fewer than eighty years it will impact the value of the flat. Check with your bank that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you will need to own the property for two years in order to be eligible to exercise a lease extension. The prefered form of lease structure is if the freehold title is owned by the leaseholders. In this scenario the leaseholders have control and although a managing agent is often employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.