My conveyancer has uncovered a defect with the lease for the apartment we are purchasing in Walton. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding 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 bank are the client. These conveyancing instructions must be adhered to.
Do I need to visit the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Walton so that I can pop in to their offices if necessary.
Whereas this was necessary twenty years ago, most banks no longer require their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to supply identification documents and there are still manifest benefits to instructing a locally based ayer, in your situation a conveyancing solicitor in Walton.
Due to the input of my in-laws I had a survey completed on a house in Walton before appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders tend not grant a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. If you contact us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Walton. Conveyancing will be smoother if you use a solicitor in Walton especially if they are familiar with such properties in Walton.
Last August I purchased a leasehold property in Walton. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Walton conveyancing firm to act on my behalf?
Most certainly. We are happy to put you in touch with a Walton conveyancing firm who can help.
An example of a Lease Extension case for a Walton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired term as at the valuation date was 82.93 years.
Our conveyancing in Walton completes on Friday, however the couple I am buying off wants to vacate 24 hours later at noon. Do I agree to such a plan?
You can't complete on a Saturday because the bank systems aren't operational.