Our lawyer has identified a defect with the lease for the apartment we are purchasing in Carisbrooke. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the bank is content with this solution. Who is the client here, us or the lender?
Even though 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 specifications. You and the bank are the client. The appropriate lender requirements have to be complied with.
In what way does my ID and proof of funds have anything to do with my conveyancing in Carisbrooke? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Carisbrooke conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility bill showing where you reside.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to validate not only the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
Despite weeks of looking the Title Certificate and documents to our house can not be found. The conveyancers who dealt with the conveyancing in Carisbrooke 10 years ago are no longer around. Will I be able to sell the house?
As long as the title is registered the information relating to your proprietorship will be documented by HMLR with a Title Number. It is easy to carry out a search at the Land Registry, identify your property and obtain current copies of the Registered Entries for less than a fiver. If the property is Leasehold then the Land Registry will also normally hold a file duplicate of the Registered Lease and again, a copy can be retrieved for twenty pounds.
About to purchase a new build flat in Carisbrooke. Conveyancing is daunting 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 legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Carisbrooke
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Due to the advice of my in-laws I had a survey completed on a house in Carisbrooke in advance of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some lenders tend refuse to grant a loan on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Carisbrooke. Conveyancing may be slightly more expensive based on your lender's requirements.
Having had my offer accepted I require leasehold conveyancing in Carisbrooke. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Carisbrooke - then the leasehold title will always include the basic details 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 own a basement flat in Carisbrooke, conveyancing was carried out May 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Carisbrooke with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2102
With 77 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 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. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.