My solicitor has discovered a a problem with the lease for the flat we are purchasing in Brandesburton. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company 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 solicitor will have no choice but to discontinue acting for you.
Finally the sale completed on my house in Brandesburton last July but the buyer keeps texting daily to moan that her conveyancer is waiting to hear from mine. What should my lawyer have done following completion?
After completion of your house sale your conveyancer is obliged to deliver the transfer documentation and all additional paperwork to the buyer’s conveyancer. Depending on the transaction, your solicitor should also send confirmation that the home loan has been paid off to the buyers lawyers. There are no post completion requirements peculiar conveyancing in Brandesburton.
We're in Brandesburton, FTBs buying with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Just had an offer accepted on a new build apartment in Brandesburton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Brandesburton
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Due to the advice of my in-laws I had a survey completed on a house in Brandesburton in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some banks tend refuse to grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. If you contact us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Brandesburton. Conveyancing may be slightly more expensive based on your lender's requirements.
Having had my offer accepted I require leasehold conveyancing in Brandesburton. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Brandesburton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a basement flat in Brandesburton, conveyancing having been completed February 1999. Can you work out an approximate cost of a lease extension? Comparable flats in Brandesburton with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2102
With just 78 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.