My lawyer has uncovered a defect with the lease for the property we are buying in Marford. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the lender is happy with this solution. Are we the client or is the bank?
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 provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender requirements have to be complied with.
Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for example in Marford?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
I have been on the look out for a flat up to £245,000 and identified one near me in Marford I like with open areas and station nearby, the downside is that it's only got 51 years on the lease. There is not much else in Marford in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
We are 14 days into a freehold purchase having been recommend to a firm by the estate agent to carry out the conveyancing in Marford. We are not happy. Could you help me find new lawyers?
A conveyancer would need to be really poor to suggest diss instructing them. Has the mortgage been sent? In the event that it has you must advise them of the new contact details and have the loan are issued to the new lawyers. Your solicitor ideally should be on the mortgage company panel to avoid supplemental charges and frustration. So that should be your first question of the new lawyers. The search tool will help you find a bank approved conveyancer for your conveyancing in Marford
Do all mortgage companies provide you with an approved list of Marford solicitors? How do you know who is on the mortgage company conveyancing panel?
Marford firms and firms carrying out conveyancing in Marford themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the lender directly.