Our solicitor has discovered a defect with the lease for the property we are buying in Bracebridge Heath. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the bank is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions 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. The appropriate lender specifications have to be complied with.
I am selling our house in Bracebridge Heath and according to the buyers it appears that there is a risk of it being built on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed an online conveyancing firm as opposed to a conveyancing solicitor in Bracebridge Heath. We have lived in Bracebridge Heath for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You must check with 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 health insurance to cover that same ailment)
I have justbeen informed that Action Conveyancing have closed. They conducted my conveyancing in Bracebridge Heath for a purchase of a leasehold apartment 9 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bracebridge Heath conveyancing specialists.
Just had an offer accepted on a new build apartment in Bracebridge Heath. 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 are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bracebridge Heath
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Bracebridge Heath is the location of the property. Is there any guidance you can give?
Flying freeholds in Bracebridge Heath are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bracebridge Heath you would need to get your solicitor to go 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 Bracebridge Heath 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.
I am a negotiator for a reputable estate agent office in Bracebridge Heath where we have experienced a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local Bracebridge Heath conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a garden flat in Bracebridge Heath, conveyancing was carried out in 2001. How much will my lease extension cost? Comparable flats in Bracebridge Heath with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2095
With 70 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The suggested premium range 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 due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered 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.