My solicitor has identified a a problem with the lease for the property we are purchasing in Burwash. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the lender is content with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the mortgage company 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 provisions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
I am helping my mother sell her flat in Burwash. Will the conveyancing solicitor commission an energy assessment or should I organise this?
Following the demise of HIPs, EPC’s was maintained a mandatory part of moving property. An EPC should be commissioned in advance of the property being advertised. It is not something that conveyancers ordinarily arrange. If you are using a Burwash conveyancing solicitor they may be willing to arrange EPC’s given their relationships with reputable local assessors
We have a mortgage agreed in principle with UBS. Burwash conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS completed the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Burwash off the council. I have a mortgage agreed with Coventry BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
We are selling our property in Burwash and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A high street Burwash conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used a national conveyancing firm as opposed to a conveyancing solicitor in Burwash. We have lived in Burwash for 5 years we know of no issue. Should we contact our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You must 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 sickness)
I am looking for a leasehold apartment up to £195,000 and identified one round the corner in Burwash I like with a park and railway links in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Burwash for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am attracted to a two flats in Burwash which have approximately 50 years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
I purchased a studio flat in Burwash, conveyancing was carried out November 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Burwash with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2080
With 55 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
I have been advised by various friends to expect six to eight weeks for Burwash conveyancing to complete.This was four weeks ago. The paperwork was only received from the vendors property lawyer a few days ago so now does it countdown?
You should be pragmatic concerning timing. Conveyancing in Burwash takes on average about ten weeks. This time period is not due to lawyer being slow and purposely delay matters. The level of money involved in purchasing any residence is so high, the buyer’s conveyancing practitioner having to carry out a wide range of queries, searches and further checks to protect the purchaser and their lender (if there is to be a home loan) from expensive, avoidable problems. These checks involves getting information from various different parties, including other solicitor, local councils, private companies, mortgage companies. Many of these are efficient. Others aren't. And remember, no matter how quickly your solicitor do their job, if the people you are purchasing from or are selling to aren't ready, nothing can go ahead until they are up to speed.