My lawyer has uncovered a a problem with the lease for the property we are buying in Penzance. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the bank is content 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 requirements. You and the mortgage company are the client. The appropriate lender provisions have to be complied with.
Just had an offer accepted on a new build flat in Penzance. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Penzance
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
We're FTB’s - agreed a price, yet the property agent has warned us that the owners will only go ahead if we instruct their recommended lawyers as they need a ‘quick sale’. We would rather use a family solicitor with experience of conveyancing in Penzance
It is highly unlikely the sellers are driving this. If they desire ‘a quick sale', alienating a genuine purchaser is not the way to achieve this. Speak to the vendors direct and explain that (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you will continue to instruct your preferred Penzance conveyancing firm - not the ones that will give their negotiator at the agency a commission or hit his conveyancing figures demanded by head office.
We expect to complete the sale of our £175,000 flat in Penzance in just under a week. The landlords agents has quoted £312 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Penzance?
Penzance conveyancing on leasehold maisonettes nine out of ten times involves fees being invoiced by management companies :
Answering conveyancing due diligence enquiries
Where consent is required before sale in Penzance
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Penzance Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
Most Penzance leasehold properties will incur a service bill for maintenance of the block levied on behalf of the landlord. If you acquire the property you will have to pay this amount, normally in instalments accross the year. This may differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, this is usually not a large amount, say approximately £25-£75 but you need to check as occasionally it can be prohibitively expensive. The prefered form of lease structure is a share of the freehold. In this arrangement the lessees benefit from being in charge if their destiny and although a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent retained by the leaseholders. Best to be warned if changing the roof or some other significant cost is pending to be shared between the leaseholders and will materially impact the level of the service charges or necessitate a specific payment.
My husband and I are disposing of a Penzance ground floor flat we inherited seven years ago in 2010. I have over a decades worth of conveyancing knowledge and, although retired, intend to carry out the legal work. The purchaser's conveyancer has informed me that their mortgage company will not allow us to do our own conveyancing as they require the funds to be sent to a solicitor's bank account.
Lending instructions to conveyancers from all mainstream lenders state that If the seller does not have legal representation the buyer’s lawyers should check whether the lender needs to be informed so that a decision can be made if they are willing to proceed.