My solicitor has uncovered a a legal deficiency with the lease for the apartment we are buying in Rednal. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications 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 lender are the client. The appropriate lender conditions must be adhered to.
We are planning to buy with Darlington Building Society. I went into a couple of high street companies yet am unable to find a Rednal conveyancing firm on the Darlington Building Society panel. Could you assist?
Please do take advantage of the search tool on this page. Please choose the building society and type Rednal or your preferred area and you will discover numerous solicitors offices in Rednal or near you.
I have been on the look out for a leasehold apartment up to £245,000 and identified one close by in Rednal I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Rednal in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Taking into account that I am about to part with £400,000 on a garden flat in Rednal I would like to have a conversation with the solicitor regarding theconveyancing before giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - we would be delighted to talk to you we do not take any clients on without you liaising with the lawyer who will be carrying out your property ownership legalities in Rednal.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The solicitors that we put you in touch with believe that the figure you are provided with for residential conveyancing in Rednal should be the figure that you end up paying.
Having had my offer accepted I require leasehold conveyancing in Rednal. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Rednal - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Rednal Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
The answer will be useful as a) areas can result in problems in the block as the common areas may begin to deteriorate if services are not paid for b) if the leasehold owners have a dispute with the managing agents you will want to have complete disclosure Best to be warned if a new roof is being put on or some other significant cost is due in the foreseeable future that will be shared by the leasehold owners and could well materially increase the the service costs or necessitate a specific payment. You should want to discover as much as you can concerning the company managing the building as they will either make your living at the property much simpler or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical matters like the upkeep of the communal areas. Ask other tenants what they think of them. On a final note, investigate as to the dates that the service charges are due to the managing agents and specifically what you get for your money.