My lawyer has identified a a legal deficiency with the lease for the property we are buying in Yarm. The other side have offered 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 bank is willing to move forward 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 specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. The appropriate lender specifications must be adhered to.
Just bought a detached house in Yarm , What is the estimated time for the Land Registry to record the transfer to my name? My Yarm conveyancing solicitor works at snail pace, so I want to be certain that my ownership is registered.
As far as conveyancing in Yarm is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can differ subject to the party submitting the application, whether it is in order and whether the Land registry have to notify any interested persons or bodies. As of today in the region of three quarters of submission are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Historically registration occurs once the buyer is living at the property therefore an expedited registration is not usually an essential issue yet where it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
I am buying a new build flat in Yarm. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Yarm
Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a flat up to £235,500 and identified one near me in Yarm I like with a park and railway links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Yarm for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
As co-executor for the estate of my father I am disposing of a residence in Monmouth but I am based in Yarm. My lawyer (who is 235 kilometers awayneeds me to sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing solicitor in Yarm who can attest and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are based in Yarm