Our conveyancer has discovered a a legal deficiency with the lease for the property we are purchasing in Bletchley. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions must be adhered to.
We are planning to buy with Loughborough BS. I popped in a few high street practices but am struggling to find a Bletchley conveyancing firm on the Loughborough BS approved list. Can you assist?
Feel free to take advantage of the search tool on this web page. Pick the mortgage company and type Bletchley or your preferred area and you will be presented with a number of lawyer located in Bletchley or nearest you.
What will a local search tell me concerning the property we're purchasing in Bletchley?
Bletchley conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search plays a central role in most Bletchley conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
The deeds to my house can not be found. The conveyancers who dealt with the conveyancing in Bletchley 5 years ago no longer exist. What are my options?
Nowadays there are copies made of almost everything, and your conveyancer will be aware exactly where to look for all the suitable paperwork so you can buy or sell your house without a hitch. If duplicates are not available, your solicitor can arrange cover in the form of insurance or indemnities protecting you against future claims on your property.
How simple is it to switch firm as I need to find a firm on the Norwich and Peterborough Building Society conveyancing panel. I had appointed a high street conveyancing solicitor in Bletchley round the corner but the firm is not accepted by Norwich and Peterborough Building Society
It would be our pleasure to help you select a conveyancing solicitor in Bletchley on the Norwich and Peterborough Building Society panel. Please note that the law firms that we work with do not pay us fee if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in Bletchley. Using the find a conveyancing solicitor tool on this website, you can contrast charges for conveyancing solicitors in Bletchley and beyond.
I am attracted to a couple of flats in Bletchley which have in the region of fifty years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Bletchley is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bletchley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Bletchley - Examples of Queries before buying
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Who takes charge for maintaining and repairing the building? Many Bletchley leasehold properties will be liable to pay a service charge for maintenance of the block invoiced on behalf of the landlord. If you purchase the property you will have to pay this charge, normally quarterly accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a rentcharge for you to pay yearly, ordinarily this is not a exorbitant amount, say around £25-£75 but you should to enquire it because occasionally it could be prohibitively expensive. It would be wise to discover as much as you can about the managing agents as they can either make your living at the property much simpler or a lot more difficult. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to practical issues like the upkeep of the communal areas. Enquire of other people what they think of them. On a final note, find out the dates that you are obliged pay the service charge to the relevant party and precisely what it includes.