Our lawyer has discovered a defect with the lease for the property we are purchasing in St Athan. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer says that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
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 bank are the client. The appropriate lender provisions have to be complied with.
I am buying a new build house in St Athan benefiting from help to buy. The sellers would not move on the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not to tell my solicitor about this extras as it will jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the encouragement of my in-laws I had a survey completed on a property in St Athan ahead of appointing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders will not issue a loan on this type of property.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you e-mail us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Athan. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to appoint a conveyancing solicitor for remortgage conveyancing in St Athan. I have land on a web site which looks to be the perfect answer If it is possible to get all this stuff done via email that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What are your top tips when it comes to choosing a St Athan conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a St Athan conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non St Athan conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
What are the charges for lease extension conveyancing? How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in St Athan - Sample of Questions you should ask before buying
Plenty St Athan leasehold properties will be liable to pay a service charge for maintenance of the block invoiced by the management company. Should you purchase the flat you will have to pay this contribution, usually quarterly accross the year. This could be anything from several hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a exorbitant sum, say around £25-£75 but you should to check as occasionally it could be many hundreds of pounds. The answer will be useful as a) areas can cause problems for the block as the communal areas may start to deteriorate if maintenance remain unpaid b) if the tenants have an issue with the running of the building you will wish to know about it Please note that where the lease has fewer than eighty years it will affect the value of the apartment. It is worth checking with your mortgage company that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this would cost. Remember, in most cases you will be be obliged to have been the owner of the premises for 24 months before you are legally able to carry out a lease extension.