My solicitor has identified a defect with the lease for the flat we are buying in West Ruislip. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Even though 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 conditions. You and the bank are the client. These conveyancing instructions must be adhered to.
Why do I have to pay up front when it comes to conveyancing in West Ruislip?
If you are buying a property in West Ruislip your lawyer will ask you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the sale price then this will be asked for shortly before contracts are exchanged. The closing balance that is needed should be sent to your lawyer shortly before completion.
It has been 2 months following my purchase conveyancing in West Ruislip took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £305k and identified one round the corner in West Ruislip I like with amenity areas and station in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in West Ruislip in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I need to instruct a conveyancing solicitor for my conveyancing in West Ruislip. I've stumble across a web site which looks to be the perfect solution If there is a chance to get all this stuff done via web that would be preferable. Should I 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?