Much to our surprise we have been advised by our broker that my Mitcham Junction lawyer is not on the mortgage company Conveyancing panel. How can I be certain whether this is indeed the case?
The first thing you need to do is to contact your Mitcham Junction lawyer directly. You lawyer should notify you what has happened. Where they are not on the panel they may recommend you to a Mitcham Junction conveyancing firm that is on the conveyancing panel for your mortgage company.
My conveyancer has identified a a problem with the lease for the property we are purchasing in Mitcham Junction. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the lender?
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 conditions. You and the bank are the client. These conveyancing instructions must be adhered to.
I am planning to acquire a property and need a conveyancing solicitor in Mitcham Junction who is on the Birmingham Midshires conveyancing. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Birmingham Midshires in certain locations such as Mitcham Junction. We dont recommend any particular firm.
Are there restrictive covenants that are commonly identified as part of conveyancing in Mitcham Junction?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Mitcham Junction. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a flat up to £245,000 and identified one round the corner in Mitcham Junction I like with open areas and transport links in the vicinity, however it's only got 49 remaining years left on the lease. There is not much else in Mitcham Junction suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.