Jayne Scott and XXXXX XXXXX , a brother and sister have concluded missives to buy a top floor flat and do not require a mortgage. The sellers are trustees in the Mackay Trust.The flat is entered by the passageway behind the tenement of which the dwellinghouse forms part and by the outside stair leading to the said dwellinghouse.What specialities are involved in tenement conveyancing taking cognisance of the Tenements(Scotland)Act 2004.As stated above the transaction does not involve a mortgage. However what extra aspects would the transaction have if the Scotts decide to obtain a secured loan?
Province/Country relating to question : Scotland
Thank you for your question.1. Determination of common parts.2. Liability for common repairs.3. Liability for common insurance. 4. Whether there is provision in the title deeds for the above or whether the Act is to apply as far as a Tenement Management Scheme is required.5. Ascertaining that access in terms of the titles is sufficient both in terms of day to day access and for repairs, renewals and maintenance of the flat, common parts and services such as cables, pipes, aerials, dishes etc.6. What are the factoring provisions, if any.7. Voting rights as regards repairs.8. If they decide to get a secured loan then the main issue would be insurance and the lender would either insist on buildings insurance or being noted on the existing common insurance policy held by the owners or the factors as the case may be. 9. As in any case involving a lender it is the duty of the purchasers solicitor to ensure that the requirements of both parts of the CML Handbook for Scotland are satisfied.I hope this helps. Please leave a positive response so that I am credited for my time.
What do you mean with respect to both parts of the CML Handbook for Scotland.?
One other thing that occurs to me is that the purchasing solicitor should ask the brother and sister purchasers whether the title to the property is to be held in their joint names and to the survivor of them, in the event of the death of one of them, or whether the deceased person's share should go to their estate. In other words should their be a survivorship clause in the Disposition or not.
The CML Handbook has two parts. The first relates to general provisions which solicitors in Scotland have to observe when acting for a lender in security transactions. The second part relates to the specific provisions that a particular lender imposes on the solicitor.See http://www.cml.org.uk/cml/handbookIf, as I suspect, you are a law student or paralegal, please make sure that you know the CML handbook inside out. It is very easy to miss a provision and end up being sued if the borrower defaults on the loan. An example of this is that you have to tell the lender if the seller has owned the property for less than 6 months before the sale to the purchaser. Easy to miss. Read the CML and understand it.Hope this helps. Leave +ve feedback and I hope I have helped you.
27 years as a practising solicitor.
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