My solicitor has discovered a a legal deficiency with the lease for the flat we are buying in Copmanthorpe. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. 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.
It is 10 years ago since I bought my house in Copmanthorpe. Conveyancing lawyers have now been retained on the sale but I am unable to track down my title documents. Will this cause complications?
You need not be too concerned. Firstly the deeds may be with your lender or they may still be with the lawyers who acted in the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Nearly all conveyancing in Copmanthorpe relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
A friend advised me that if I am buying in Copmanthorpe I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Copmanthorpe conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Copmanthorpe around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Copmanthorpe.
I have todaydiscovered that Stirling Law have been shut down. They carried out my conveyancing in Copmanthorpe for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Copmanthorpe conveyancing specialists.
Do I need to be wary about 3rd parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Copmanthorpe conveyancing practice?
As is the case with many professional services, often suggestions from family and friends can be worth their weight in gold. But there are many people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks may suggest lawyers to appoint. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the endorsement. You are free to choose your own conveyancer. Don't forget that most mortgage providers have an approved list of conveyancers you must use for the mortgage related work in your home move.
Having had my offer accepted I require leasehold conveyancing in Copmanthorpe. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Copmanthorpe - then the leasehold title will always include the short particulars 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 split level flat in Copmanthorpe, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Copmanthorpe with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2089
You have 63 years left to run the likely cost is going to range 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 provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.