Our solicitor has discovered a a legal deficiency with the lease for the flat we are buying in Seaford. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Seaford? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Seaford conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to ascertain not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Seaford I like with open areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Seaford suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can 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 and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
What makes your site different to other online quote calculators when it comes to conveyancing in Seaford?
At this site obtain a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Seaford. Unlike many estate agents and brokerage sites we are not in the business of charging firms a commission if you appoint them for your conveyancing in Seaford
My fiance and I may need to rent out our Seaford garden flat temporarily due to taking a sabbatical. We used a Seaford conveyancing firm in 2004 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Even though your previous Seaford conveyancing lawyer is not around you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you need to obtain permission via your landlord or some other party before subletting. The net result is that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Seaford Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? Be sure to discover if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Seaford. If you like the apartmentin Seaford yet your dog can’t live with you then you will be faced hard decision. It would be sensible to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to daily issues such as the upkeep of the communal areas. Don't be shy to ask prospective neighbours what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending the funds.