My solicitor has discovered a a problem with the lease for the property we are buying in Alvaston. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
Can you explain why leasehold purchase conveyancing in Alvaston costs more?
Alvaston leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My husband and I are hoping to buy a 1 bedroom flat in Alvaston with a mortgage from Halifax.We like our Alvaston conveyancing lawyer but Halifax advised that she’s not on their approved list of firms. we are left little option but to use a Halifax panel firm or keep our high street solicitor and pay for a Halifax panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Halifax use our lawyer?
No, not really. The loan offered to you contains various provisions, one of which will be that lawyers must be on the Halifax approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Halifax
My partner and I are planning on selling our property in Alvaston and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local lawyer would know this is not the case. It does beg the question why the buyers are using an internet conveyancing practice rather than a conveyancing solicitor in Alvaston. We have lived in Alvaston for three years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Due to the guidance of my in-laws I had a survey completed on a house in Alvaston ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies will not issue a loan on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Alvaston. Conveyancing will be smoother if you use a solicitor in Alvaston especially if they are acquainted with such properties in Alvaston.
We expect to complete our sale of a £450,000 garden flat in Alvaston next week. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Alvaston?
Alvaston conveyancing on leasehold apartments usually involves the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are at liberty to levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality one has no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I inherited a 1st floor flat in Alvaston, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Alvaston with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2104
With only 79 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.