My conveyancer has uncovered a defect with the lease for the apartment we are buying in Canford Cliffs. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the lender is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the lender 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 conditions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
I own a freehold residence in Canford Cliffs but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Canford Cliffs and has limited impact for conveyancing in Canford Cliffs but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
What can a local search tell me about the property my wife and I buying in Canford Cliffs?
Canford Cliffs conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search plays a central role in most Canford Cliffs conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Canford Cliffs I like with open areas and railway links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Canford Cliffs suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
My husband and I are acquiring a garden flat in Canford Cliffs. When we first instructed property lawyer, we were told they were on all mainstream mortgage company panels. The financial adviser called today to say that they are not on the Leeds Building Society approved list. Should that be true, what should we do? Do we just find a different conveyancing practitioner that is on their approved list or do we cover the costs for separate representation, with Leeds Building Society selecting their own preferred property lawyer.
Where you are acquiring a property with the assistance of a mortgage it is standard for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to meet. Some mortgage companies now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should contact Leeds Building Society to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Leeds Building Society's conveyancing panel as you are at liberty to use your preferred Canford Cliffs lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.