Our lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Cottingham. The other side have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is happy with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their provisions 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 mortgage company are the client. These conveyancing instructions must be adhered to.
Why is leasehold purchase conveyancing in Cottingham costs more?
Cottingham leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am looking to buy a property and require a conveyancing solicitor in Cottingham who is on the Barclays solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays in certain locations such as Cottingham. We dont recommend any particular firm.
We are buying a house in Cottingham. It might be a silly question but how we can trust a solicitor? On the day of competition we have to put funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I happen to be the only recipient of my late grandmother’s will with all property in now in my sole name, including the house in Cottingham. The Cottingham property was put into my name in April. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the house in April. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How sensible a view lenders take of it, depend on the bank as this obligation principally exists to capture the purchase and immediately sell or the flipping of property.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Cottingham property lawyer on the Principality panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I am looking for a leasehold apartment up to £195,000 and identified one close by in Cottingham I like with a park and station nearby, however it's only got 52 remaining years left on the lease. There is not much else in Cottingham in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I only have Sixty One years left on my lease in Cottingham. I now wish to extend my lease but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the lessor. On the whole a specialist should be helpful to conduct investigations and to produce a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Cottingham.
I am the registered owner of a 2 bed flat in Cottingham, conveyancing formalities finalised in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Cottingham with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2088
With just 63 years remaining on your lease the likely cost is going to be between £16,200 and £18,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.