My solicitor has discovered a defect with the lease for the apartment we are purchasing in Newport. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the bank is content with this solution. Are we the client or is the bank?
Regardless of the fact that 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 requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
Completed the sale of my flat in Newport last May but our buyer keeps Skype messaging me complaining that his solicitor is waiting to hear from mysolicitor. What should my lawyer have done following completion?
Post completion of your sale your conveyancer should forward the transfer deeds and all supplemental paperwork to the purchaser's conveyancer. Depending on the transaction, your conveyancer should also confirm that the home loan has been discharged to the purchasers lawyers. There is unlikely to be post completion requirements just for conveyancing in Newport.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Newport. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 11/11/2024, the requirements read as follows :
I have been on the look out for a ground for flat up to £245,000 and found one close by in Newport I like with open areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Newport suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
We're new to the buying process - had an offer accepted, but the property agent told us that the seller will only go ahead if we appoint the agent's chosen conveyancers as they need a ‘quick sale’. We would rather use a family conveyancer accustomed to conveyancing in Newport
We suspect that the seller is unaware of this ultimatum. Should the vendor require ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you will continue to use your preferred Newport conveyancing firm - rather thanthose that will provide their negotiator at the agency a referral fee or hit his conveyancing targets set by head office.