My conveyancer has identified a a legal deficiency with the lease for the property we are buying in Bamburgh. The other side have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must check that the bank is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. 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.
Finally the sale completed on my house in Bamburgh last March yet the purchaser is whats apping daily to moan that their conveyancer is waiting to hear from mylawyer. What are the post completion sale legalities following completion?
After completion of your disposal your solicitor is duty bound to deliver the transfer deeds and all supplemental paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer should also confirm that the mortgage has been repaid to the purchasers conveyancers. There are no post completion procedures specific conveyancing in Bamburgh.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Bamburgh. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
If you plan to refinance then Principality will insist on your using a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
Should my solicitor be raising enquiries about flooding as part of the conveyancing in Bamburgh.
The risk of flooding is if increasing concern for solicitors dealing with homes in Bamburgh. There are those who purchase a house in Bamburgh, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of checks that may be undertaken by the buyer or by their solicitors which can figure out the risks in Bamburgh. The conventional set of completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to discover whether the property has suffered from flooding. If the residence has been flooded in past and is not notified by the vendor, then a buyer could issue a legal claim for losses resulting from an incorrect response. The purchaser’s conveyancers may also commission an environmental search. This will indicate if there is any known flood risk. If so, further inquiries will need to be initiated.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Bamburgh is where the house is located. What do you suggest?
Flying freeholds in Bamburgh are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bamburgh you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bamburgh may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My wife and I purchased a leasehold house in Bamburgh. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Bamburgh who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Bamburgh conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a 1st floor flat in Bamburgh, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Bamburgh with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2095
With only 69 years unexpired the likely cost is going to be between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.