Our conveyancer has identified a a problem with the lease for the flat we are buying in Byker and Walker. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the lender is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 conveyancer will have no choice but to discontinue acting for you.
Do conveyancers request money on account when it comes to conveyancing in Byker and Walker?
If you are buying a property in Byker and Walker your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the Local Authority Search. When the deposit is as part of the total price then this will be needed shortly before exchange of contracts. Any further balance that is due should be transferred shortly before completion.
I have a semi-detached Georgian house in Byker and Walker. Conveyancing practitioner acted for me and Bank of Scotland. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the exact same property. Is it worth asking Bank of Scotland to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Byker and Walker and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing practitioner who conducted the purchase.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Byker and Walker I like with a park and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in Byker and Walker for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I am looking into buying my first house which is in Byker and Walker and I am already nervous. I couldn't find anything specific about Byker and Walker. Conveyancing will be needed in due course but do you know about the Byker and Walker area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Byker and Walker. In the meantime here are some basic statistics that we found
I am hoping to complete next month on a studio apartment in Byker and Walker. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Byker and Walker should include some of the following:
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You must be informed what is to be regarded as a Nuisance in the lease You should be sent a copy of the lease What remedies are open the freeholder should you breach a clause of your lease? Are pets allowed in the flat?
I bought a leasehold flat in Byker and Walker, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Byker and Walker with an extended lease are worth £195,000. The ground rent is £45 per annum. The lease finishes on 21st October 2087
With only 63 years left to run the likely cost is going to be between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.