Our solicitor has identified a a problem with the lease for the flat we are buying in Patcham. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the bank is happy with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the bank 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 bank are the client. These conveyancing instructions must be adhered to.
I'm purchasing a new build house in Patcham with the aid of help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not inform my conveyancer about the side-deal as it may jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Patcham I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Patcham in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I'm refinancing my current home to a BTL mortgage with Britannia and intend to use the remaining equity as a deposit on further house. The neighborhood we are interested in is Patcham. Will your conveyancers be able to act for the two banks and link together the transactions?
Do use our search tool on this site to ensure that the solicitors are on the appropriate lender panels. Assuming that they are the solicitor should be able to tie up the two deals but you should have a chat with you lawyer and communicate your desired outcome and needs.
Is planning permission needed to change a house into two appartments in Patcham? This has occurred to a house opposite to my home in Patcham and was not aware of it happening until it was done.
Planning Consent yes. Building Reg Approval yes.