Our conveyancer has identified a a problem with the lease for the property we are purchasing in Rothbury. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must check that the bank is happy with this solution. Who is the client here, us or 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 conditions 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 mortgage company are the client. The appropriate lender provisions must be adhered to.
Why is leasehold purchase conveyancing in Rothbury is more expensive?
The conveyancing fees on a leasehold property in Rothbury is inevitably more expensive when contrasted to a freehold property. This is because there is an amount of supplemental investigations necessary in liaising with the landlord and management company to obtain evidence about whether the rent and maintenance fee have been discharged and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
What is the optimum way to investigate if the solicitor carrying out my conveyancing in Rothbury is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus paying £192.00 in supplemental conveyancing fees.
Please do take advantage of the find a lender approved solicitor tool on this site. Pick the lender and type ‘Rothbury’ or your location and you will discover a number of lawyer based in Rothbury or near you.
I have been on the look out for a ground for flat up to £305k and found one close by in Rothbury I like with open areas and transport links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Rothbury suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I am looking into buying my first house which is in Rothbury and I am already nervous. I couldn't find anything specific about Rothbury. Conveyancing will be needed in due course but do you know about the Rothbury area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Rothbury. In the meantime here are some basic statistics that we found