Our lawyer has discovered a a legal deficiency with the lease for the property we are buying in Crowland. The other side have put forward title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must check that the mortgage company is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank 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 bank are the client. These conveyancing instructions have to be complied with.
My relative advised me that if I am purchasing in Crowland I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Crowland conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Crowland 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 Property Price, Crime statistics, Crowland Education with maps and statistics, Local Amenities and other useful information concerning Crowland.
I'm purchasing a new build house in Crowland with the aid of help to buy. The sellers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not inform my solicitor about the extras as it would affect my mortgage with Barclays Direct. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Crowland is the location of the property. Can you shed any light on this issue?
Flying freeholds in Crowland are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Crowland you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Crowland may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What does commercial conveyancing in Crowland cover?
Non domestic conveyancing in Crowland incorporates a wide array of advice, offered by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I own a leasehold flat in Crowland. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Crowland who previously acted has long since retired. What should I do?
First contact HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Crowland conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a split level flat in Crowland, conveyancing having been completed August 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Crowland with an extended lease are worth £176,000. The ground rent is £50 levied per year. The lease expires on 21st October 2106
With only 80 years unexpired the likely cost is going to be between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information 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. You should not move forward based on this information without first getting professional advice.