My solicitor has discovered a defect with the lease for the property we are purchasing in Brigg. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the lender is willing to move forward 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 specifications. You and the mortgage company are the client. The appropriate lender provisions must be adhered to.
Completed the sale of my flat in Brigg last July but my buyer keeps telephoning me to say his conveyancer is waiting to hear from mylawyer. What are the post completion sale legalities following completion?
Post completion of your sale your conveyancer should deliver the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer should also confirm that the legal charge in favour of the lender has been discharged to the purchasers solicitors. There are no post completion requirements unique to conveyancing in Brigg.
My apartment in Brigg is up for sale and I have accepted an offer. Will my conveyancing practitioner need to be required to be on the TSB conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the TSB conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
My wife and I are purchasing a house in Brigg. It might be a silly question but how we can trust a solicitor? On the day of competition we will need to deposit funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Forgive me if this question is silly but I am wet behind the ears as a 1st time buyer of a two bedroom flat in Brigg. Do I collect the keys to the premises on completion from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Brigg?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be able to pick up the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Brigg bank branch on various occasions and was advised it wasn't an issue and they will lend. My Brigg conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. I have no idea who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
We're FTB’s - had an offer accepted, but the estate agent told us that the owners will only proceed if we instruct the agent's chosen conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a local conveyancer who is accustomed to conveyancing in Brigg
It is highly unlikely the vendors are behind this. If they require ‘a quick sale', turning down a genuine buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and explain that (a)you are serious buyers (b)you are ready to progress, with finances in place © you do not need to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Brigg conveyancing firm - not the ones that will give the negotiator at the agency a kickback or meet his conveyancing figures set by corporate headquarters.
Can you provide any top tips for leasehold conveyancing in Brigg from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Brigg can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Obtaining a new share certificate is often a lengthy process and frustrates many a Brigg home move. Where a duplicate share is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Brigg state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. Should you fail to have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer in advance. Some Brigg leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved.
I invested in buying a 1 bedroom flat in Brigg, conveyancing having been completed 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Brigg with a long lease are worth £211,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2093
With only 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.