Our solicitor has uncovered a defect with the lease for the apartment we are buying in Lynmouth. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer says that he must check that the mortgage company is happy with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the bank 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 mortgage company are the client. These conveyancing instructions must be adhered to.
I own a freehold residence in Lynmouth but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Lynmouth and has limited impact for conveyancing in Lynmouth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I need some expedited conveyancing in Lynmouth as I am under a deadline to complete in less than 3 weeks. Fortunately I do not need a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are are a cash purchaser you have the choice not to have searches carried out although no lawyer would advise that you don't. With lots of history conveyancing in Lynmouth the following are examples of issues that can arise and therefore affect future mortgageability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
four months have gone by since my purchase conveyancing in Lynmouth completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 premises 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 have been on the look out for a flat up to £195,000 and identified one near me in Lynmouth I like with open areas and station in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Lynmouth for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.