My lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Benton. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 property lawyer will have no choice but to discontinue acting for you.
We just had an offer accepted to buy with Melton Mowbray Building Society. I visited a few high street firms yet am struggling to find a Benton conveyancing firm on the Melton Mowbray Building Society approved list. Can you assist?
Please do take advantage of the find a conveyancing panel solicitor tool on this web page. Please choose the mortgage company and type Benton or your location and you will discover numerous solicitors located in Benton or by proximity to you.
I acquired my house on 4 May and my personal details is yet to be registered. Should I be concerned? My conveyancing solicitor in Benton expressed confidence that it will be recorded inside ten days. Are properties in Benton particularly slow to register?
There is nothing unique about conveyancing in Benton registration formalities. As opposed to being determined by geographic area, timeframes can adjust depending on who lodges the application, whether there are errors and whether the Land registry communicate with any interested parties. Currently approximately 80% of submission are fully addressed within 12 days but occasionally there can be longer hold-ups. Historically registration is effected once the purchaser is living at the premises so 'speed' is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor could contact the land registry and explain the circumstances.
I am buying a new build house in Benton with a mortgage from Halifax. The builders refused to move on the amount so I negotiated £7000 of extras instead. The property agent told me not reveal to my conveyancer about the extras as it may impact my mortgage with Halifax. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Benton is the location of the property. What do you suggest?
Flying freeholds in Benton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Benton 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 Benton may decide 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 property.
Having checked my lease I have discovered that there are only 62 years unexpired on my flat in Benton. I am keen to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have made all reasonable attempts to track down the landlord. On the whole a specialist should be helpful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court covering Benton.
I inherited a split level flat in Benton, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Benton with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2080
With only 54 years unexpired we estimate the premium for your lease extension to span between £32,300 and £37,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.