My lawyer has uncovered a a problem with the lease for the property we are buying in Ceredigion. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Even though 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 specifications. You and the lender are the client. The appropriate lender requirements have to be complied with.
Why do I have to pay up front for my conveyancing in Ceredigion?
Where you are retaining lawyers for conveyancing in Ceredigion your lawyer will request that you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the total price then this will be required shortly in advance of exchange of contracts. The closing balance that is due should be transferred shortly before completion.
This question may be naive but I am new to the house moving as a 1st time buyer of a ground floor flat in Ceredigion. Do I collect the keys to the property on completion from my solicitor? If so, I will find a local conveyancing solicitor in Ceredigion?
On the day of completion you do not need to go to the conveyancers office in Ceredigion. Conveyancing lawyers for you will arrange to send the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you should be called to receive the keys from the selling Agents and move into your new home. Usually this happens between 1 and 3pm.
I happen to be the only recipient of my late mum's will with all property in now in my sole name, including the my former home in Ceredigion. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the house in September. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. many mortgage companies would take a pragmatic view as this clause is chiefly there to pick up on the purchase and immediately sell or the quick reselling of property.
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Ceredigion solicitor on the Co-operative panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Ceredigion I like with amenity areas and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Ceredigion suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
My husband and I are 14 days into a leasehold purchase having been recommend to solicitors by the selling agent to perform conveyancing in Ceredigion. I am am starting to be dissatisfied with the level of service. Can you you assist me in finding new lawyers?
They would have to be really poor to suggest replacing them. Has the mortgage offer been generated? In the event that it has you will need to make them aware of the replacement solicitor and have the loan are re-issued. Your new solicitor ideally needs to be on the mortgage company approved list to avoid added charges and frustration. That should be your first question of the new lawyers. The search tool can help you find a lender approved conveyancer for your conveyancing in Ceredigion
Should one remove a departed person's name from the title register for a house in Ceredigion?
If a Ceredigion property is co-owned and one of the owners passes away, their name will not automatically be removed from the title deeds. It is not necessary to amend the title as in the event of a sale you would simply be required to supply proof why the co proprietor is not included in the contract, such as the probate documents.
With a view to making things simpler for the sale of the property you can arrange to have the deceased party erased from the title register by applying to HM Land Registry with evidence of the death. There is no land registry fee payable.