My lawyer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Looe. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions 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 lender are the client. These conveyancing instructions have to be complied with.
How does conveyancing in Looe differ for new build properties?
Most buyers of new build property in Looe approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Looe tend to buy the real estate, 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 property lawyers 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 Looe or who has acted in the same development.
I decided to have a survey done on a house in Looe ahead of appointing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some lenders will refuse to issue a loan on such a property.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Looe. Conveyancing will be smoother if you use a solicitor in Looe especially if they are accustomed to such properties in Looe.
What does commercial conveyancing in Looe cover?
Commercial conveyancing in Looe covers a broad array of guidance, provided by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I have today had an offer accepted on an apartment in Looe and the mortgage adviser that we are using suggested his conveyancer. He quoted a thousand pounds including VAT and disbursements. Does this sound steep?
You should not rely on one quote. You should obtain like-for-like quotes for your conveyancing in Looe. Then choose one that you trust and crucially, is on the approved panel of the lender that you have applied for a mortgage from.