My conveyancer has discovered a defect with the lease for the flat we are purchasing in Whitchurch. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their provisions 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 specifications have to be complied with.
Are the BSA intent on creating a online directory to list practices on the Loughborough BS conveyancing panel for instance in Whitchurch?
We would not expect to be advised of any plans on the part of the BSA to develop such a register.
We have agreed to purchase a house in Whitchurch. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham be concerned?
Given that you are obtaining a mortgage with Nottingham your lawyer must comply with the formal instructions outlined in Part two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook contains minimum specifications for solar panel roof-space leases, and solicitors are required to report to Nottingham where a lease fails to satisfy these requirements. The conditions relate to the installation of panels on properties nationwide and is not isolated to Whitchurch.
We expect to receive a DIP from UBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Whitchurch solicitors on the UBS conveyancing panel, or is it better to go independently?
You will need to appoint Whitchurch solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Whitchurch building society branch on various occasions and was advised it wasn't an issue and they will lend. My Whitchurch conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. Who do I believe?
Provided that the solicitor is on the bank approved list, she or he must comply with the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am looking for a leasehold apartment up to £305k and found one round the corner in Whitchurch I like with open areas and railway links in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Whitchurch in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I was recommended by numerous estate agents in Whitchurch to locate a conveyancer on your site. What’s the financial upside for Estate Agents to recommend your services over and above a competitor’s?
We refuse to make any financial incentive for sending work to this site. We found it would be just too difficult to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.