My lawyer has discovered a defect with the lease for the apartment we are purchasing in Benton. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the lender is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer 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 conveyancing practitioner will have no choice but to discontinue acting for you.
We hope to to buy with Melton Mowbray Building Society. We have called around locally yet am unable to find a Benton conveyancing firm on the Melton Mowbray Building Society panel. Could you assist?
Feel free to make the most of the search tool on this site. Pick the mortgage company and type Benton or your location and you will discover a number of lawyer located in Benton or nearest you.
I bought my home on 7 September and my personal details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Benton advises it will be recorded in a couple of weeks. Are transfers in Benton particularly slow to register?
There is nothing unique about conveyancing in Benton registration formalities. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether it is in order and whether the Land registry must send notices to any interested persons or bodies. As of today approximately 80% of such applications are completed within 12 days but occasionally there can be longer hold-ups. Historically registration occurs once the buyer has moved in to the property therefore an expedited registration is not always top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer can speak with the land registry and explain the circumstances.
I am purchasing my first flat in Benton benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not to tell my lawyer about the extras as it would put at risk my loan with the lender. Should I keep quiet?.
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.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, chain free conveyancing. Benton is the location of the property. What do you suggest?
Flying freeholds in Benton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Benton you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Benton 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 premises.
Having checked my lease I have discovered that there are only 62 years left 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 submit an application 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. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent should be helpful to conduct investigations and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court overseeing Benton.
I purchased a garden flat in Benton, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Benton with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2080
With just 54 years unexpired we estimate the premium for your lease extension to span between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns 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 based on this information without first seeking the advice of a professional.