I was notified yesterday by my mortgage adviser that my Coxhoe lawyer is not on the lender Conveyancing panel. How can I check?
Your first step should be to call your Coxhoe lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
My solicitor has identified a a legal deficiency with the lease for the flat we are purchasing in Coxhoe. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must ensure that the lender is content with this solution. Are we the client or is 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 solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Coxhoe. Conveyancing is necessary evil 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 Coxhoe
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a flat up to £305k and identified one close by in Coxhoe I like with amenity areas and station in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Coxhoe suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Due to exchange soon on a basement flat in Coxhoe. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Coxhoe should include some of the following:
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Changes to the flat Ground rent - what is payable and when is collected, and be on notice if this will change in the future It needs to be made clear to you if the lease allows you to alter or upgrade aspects of the premises- you should be made aware as to whether any restrictions applies to all alterations or limited to structural alteration, and whether permission is mandated necessary You would want to be sent a copy of the lease
I am the registered owner of a garden flat in Coxhoe, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding flats in Coxhoe with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2087
With just 62 years remaining on your lease the likely cost is going to range between £17,100 and £19,800 as well as 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 advice on the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
I need to change lawyers as my Coxhoe lawyer is not on the lender's panel of conveyancing solicitors. How simple is it to change conveyancer?
In the event that you have not formally instructed a solicitor to start work and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Coxhoe that you're considering.