Our conveyancer has identified a defect with the lease for the flat we are buying in Camden Town. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must ensure that the lender is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the mortgage company 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 requirements. You and the bank are the client. The appropriate lender requirements have to be complied with.
Finally the sale completed on my house in Camden Town last May yet the purchaser is SMS messaging every few hours to say his lawyer is waiting to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
After completion of your house sale your conveyancer is duty bound to deliver the transfer documentation and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your conveyancer must also evidence that the mortgage has been discharged to the purchasers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Camden Town.
I happen to be the single beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Camden Town. Conveyancing formalities meant that the Land Registry date was in October. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the property in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Some lenders would take a sensible view as this requirement is principally there to pick up on the purchase and immediately sell or the quick reselling of property.
Are all Camden Town Conveyancing Quality Solicitors on the HSBC conveyancing list of approved solicitors?
It is true that some lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
We have agreed to purchase a house in Camden Town. An unusual aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Santander your lawyer must comply with the conveyancing requirements contained in Section 2 of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook contains minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Santander where a lease fails to comply with these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Camden Town.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Camden Town I like with open areas and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Camden Town suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Is it best to choose a Camden Town conveyancing practitioner based in the vicinity that I am hoping to buy? I have an old university friend who can perform the legal formalities but they are based a couple of hundredmiles drive away.
The benefit of a local Camden Town conveyancing firm is that you can drop in to execute paperwork, deliver your identification documents and pester them where appropriate. Having local Camden Town know how is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and the majority were content that must trump using an unknown Camden Town conveyancing lawyer solely due to them being local.