I was told today by my lender that my Cramlington the law firm I have appointed is not on the mortgage company Conveyancing panel. What can I do to check?
You need to contact your Cramlington conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they may recommend you to a Cramlington conveyancing firm that is on the approved list of lawyers for your lender.
Our conveyancer has discovered a defect with the lease for the property we are buying in Cramlington. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the mortgage company 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. The appropriate lender specifications have to be complied with.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Cramlington. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Santander will insist on your using a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
How does conveyancing in Cramlington differ for newly converted properties?
Most buyers of new build or newly converted property in Cramlington come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because builders in Cramlington usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cramlington or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Cramlington I like with a park and station nearby, however it's only got 52 remaining years left on the lease. There is not much else in Cramlington for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign 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 concerning this matter.