Our lawyer has discovered a defect with the lease for the property we are purchasing in St Austell. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the bank is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements 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. These conveyancing instructions have to be complied with.
I require expedited conveyancing in St Austell as I am faced with an ultimatum to exchange contracts within one month. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on years of experience of conveyancing in St Austell the following are examples of issues that can be revealed and therefore affect the marketability of the property: Enforcement Notices, Outstanding Fees, Overdue Grants, Unadopted Roads,...
Just bought a semi-detached house in St Austell , how long should it take for the Land Registry to record the transfer to my name? My St Austell conveyancing solicitor has been very slow, so I want to check that my ownership is recorded.
As far as conveyancing in St Austell registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can differ depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any other parties. Currently roughly 80% of submission are fully addressed within two weeks but occasionally there can be extensive delays. Registration occurs once the new owner has moved in to the premises therefore 'speed' is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
Having had my offer accepted I require leasehold conveyancing in St Austell. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in St Austell - then the leasehold title will always include the basic details 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.
St Austell Leasehold Conveyancing - Sample of Questions you should consider before buying
This information is important as a) areas may result in problems in the block as the communal areas may start to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the managing agents you will wish to know about it Are any of leasehold owners in arrears of their service charge payments? Please note if it is less than eighty years it will affect the marketability of the apartment. Check with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the residence for 24 months before you are eligible to extend the lease.
I own a leasehold flat in St Austell. Conveyancing was completed in five years ago. I have heard that I should not allow the the remaining lease term to fall too low. Why is that a problem?
St Austell domestic long term leases are for a set term - usually ninety nine years when they are first granted. However many flats in St Austell were built or converted in the 70’s80’s and so these leases now have under 80 years remaining. This may sound like a long time however Banks, Building Societies and other mortgage lenders generally need leases to have a minimum of 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing 75 years. To maximise the marketability of your property you should be considering whether to extend your lease well in advance of selling the property. Furthermore significant benefits to taking action before the lease reaches even 80 years as when the lease falls below 80 years the amount to be paid to extend starts to escalate.