Our solicitor has uncovered a defect with the lease for the property we are buying in Crook Log. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender 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 conditions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
What does my ID and proof of funds have anything to do with my conveyancing in Crook Log? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms of Engagement that you need to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to supply identification documents, your conveyancer can not take you on as a client.
Are there restrictive covenants that are commonly identified as part of conveyancing in Crook Log?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Crook Log. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Crook Log differ for newly converted properties?
Most buyers of new build or newly converted property in Crook Log approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Crook Log tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Crook Log or who has acted in the same development.
How can the Landlord & Tenant Act 1954 affect my business offices in Crook Log and how can your lawyers assist?
The 1954 Act affords a safeguard to business tenants, granting the legal entitlement to apply to court for a new lease and continue in occupation at the end of an expired lease. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Crook Log is one of our numerous locations in which our lawyers have offices
I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Crook Log. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Crook Log are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Crook Log so you should seriously consider shopping around for a Crook Log conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I have had difficulty in trying to purchase the freehold in Crook Log. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Crook Log residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired residue of the current lease was 76 years.