Our lawyer has uncovered a a problem with the lease for the property we are buying in Cookley. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or 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 conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender specifications must be adhered to.
We see that you have a post code search directory listing firms on the Aldermore conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Cookley?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Cookley.
My partner and I are selling our property in Cookley and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a national conveyancing firm rather than a conveyancing solicitor in Cookley. Having lived in Cookley for three years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You need to check with 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 illness)
My wife and I own a 4 bedroom Edwardian house in Cookley. Conveyancing lawyer acted for me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cookley and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing solicitor who conducted the conveyancing.
We're FTB’s - had an offer accepted, yet the agent advised that the owners will only go ahead if we instruct the agent's chosen lawyers as they want an ‘expedited deal’. We would rather use a local solicitor accustomed to conveyancing in Cookley
We suspect that the seller is not behind this ultimatum. If they want ‘a quick sale', alienating a motivated buyer is counter productive. Try to communicate with the sellers directly and make the point that (a)you are genuine buyers (b)you are ready to progress, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you intend to use your own,trusted Cookley conveyancing solicitors - rather thanthe ones that will give their negotiator at the agency a referral fee or meet his conveyancing targets demanded by corporate headquarters.
I've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Cookley. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Cookley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Cookley so you should seriously consider looking for a Cookley conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.
I inherited a studio flat in Cookley, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Cookley with a long lease are worth £195,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2088
You have 63 years left to run we estimate the price of your lease extension to be between £16,200 and £18,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.