Our conveyancer has identified a a problem with the lease for the property we are purchasing in Bungay. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must check that the lender is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the lender 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 specifications. You and the bank are the client. These conveyancing instructions must be adhered to.
What is the first thing I need to know about purchase conveyancing in Bungay?
Not many law firms shout this from the rooftops but conveyancing in Bungay and elsewhere in England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is lots of opportunity for confrontation between you and other parties involved in the ownership transfer. For example, the seller, property agent and on occasion your mortgage company. Choosing a solicitor for your conveyancing in Bungay should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the legal process whose interest is to act in your best interests and to keep you safe.
There is a worrying ongoing adversarial element to conveyancing- someone must be at fault for the process taking so long. We recommend that you must always trust your solicitor above all other parties in the home moving process.
About to purchase a new build flat in Bungay. Conveyancing is necessary evil 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 enquiries that you may expect your new-build leasehold conveyancing in Bungay
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I am one month into a residential purchase having been recommend to solicitors by the local agent to execute conveyancing in Bungay. We are not happy. Can you help me find new conveyancers?
They would need to be really bad to suggest diss instructing them. Has your mortgage been issued? If so you will need to inform them of the new contact details and ensure the offer are re-issued. Your conveyancer should be on the lenders approved list to avoid added fees and complications. So that should be your first question of the new solicitors. Our search tool will help you find a lender approved conveyancer for your conveyancing in Bungay
I am attracted to a two apartments in Bungay which have in the region of fifty years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Bungay is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 Bungay 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 any new 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.
Bungay Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? What is the length of the lease? Please note that where the lease has fewer than eighty years it will impact the salability of the property. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would be required to have been the owner of the property for a couple of years in order to be eligible to exercise a lease extension.
I have recently placed an offer on an apartment in Bungay and the estate agent that we are dealing with suggested his solicitor. They quoted £800 including VAT and 3rd party costs. Does this sound reasonable?
Don't just go on 1 quote. One should seek like-for-like quotes for your conveyancing in Bungay. Then pick one that you are comfortable with and crucially, is on the approved list of the lender that you are sourcing your mortgage from.