Our conveyancer has identified a defect with the lease for the property we are buying in Bookham. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer says that he must check that the lender is willing to move forward 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 lawyer 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 are downsizing from our home in Bookham and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A high street Bookham lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a nationwide conveyancing firm as opposed to a conveyancing solicitor in Bookham. Having lived in Bookham for 5 years we know that this is a non issue. Do we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Just had an offer accepted on a new build flat in Bookham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Bookham
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I am looking for a flat up to £305k and found one near me in Bookham I like with a park and transport links nearby, however it's only got 52 years on the lease. I can't really find anything else in Bookham in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Bookham. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Bookham are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Bookham in which case you should be shopping around for a Bookham conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
Leasehold Conveyancing in Bookham - A selection of Queries Prior to Purchasing
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Are there any major works in the near future that will increase the maintenance charges? How many years are left on the lease? You should be aware that where the lease has less than 80 years it will have adverse implications on the value of the flat. Check with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this will be. For most Bookhamlease extensions you will need to own the residence for 24 months before you are entitled to exercise a lease extension.
We are in the midst of selling our flat in Bookham. Conveyancing is fine but we are being charged an extortionate amount from the landlord. So far we have paid £295.50 for a leasehold management information and then a further £200 plus VAT for responses to queries raised by the purchaser's conveyancer.
Neither you or your conveyancing practitioner will have any sway over the extent of the charges for this information but the average costs for the information for Bookham leasehold premises is £355. For Bookham conveyancing transactions it is standard for the vendor to pay for these costs. The freeholder or their agents are not duty bound to answer these questions most will agree to do so - albeit often at high prices out of proportion to the work involved. Regretfully there is no statute that mandates set fees for administrative tasks. Nor is there any statutory time frame by which they are duty bound to supply answers.