My lawyer has identified a a problem with the lease for the flat we are buying in Audley. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. 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 lawyer will have no choice but to discontinue acting for you.
We note that you have a post code search directory identifying solicitors on the Yorkshire BS conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Audley?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Audley.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Audley so that I can pop in to their offices when needed.
As opposed to 12 years ago, the vast majority lenders no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to provide identification documents and there are still manifest advantages to using a local solicitor, in your situation a conveyancing solicitor in Audley.
Due to the advice of my in-laws I had a survey completed on a house in Audley in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some lenders tend refuse to grant a loan on this type of property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Audley. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a couple of flats in Audley which have approximately forty five years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena.
I purchased a garden flat in Audley, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding flats in Audley with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2087
With just 62 years remaining on your lease the likely cost is going to span between £17,100 and £19,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Please can you clarify what options are open to me where my Audley conveyancing searches shows adverse entries?
Ordinarily, most adverse entries arising from Audley conveyancing search results can be handled prior to completion or indemnity insurance can be taken. It is crucial to remember that although you may be acquiring the property and may be content to live with the search results, your lender may not, and ultimately the decision rests with them.