Our solicitor has discovered a a problem with the lease for the flat we are buying in Cumbria. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the lender is content with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
Are the Cumbria conveyancing solicitors identified as being on the Yorkshire BS conveyancing panel, together with their details provided by Yorkshire BS?
Cumbria conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
What is your number one tip for finding a conveyancing solicitor in Cumbria
We would encourage you not to go for the lowest Cumbria conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I am assisting my mother sell her house in Cumbria. Will the conveyancer order the energy performance certificate or it is for the seller to coordinate?
Following the abolition of Home Information Packs, EPC’s became a compulsory element of selling a house. An EPC needs to be to hand in advance of the property being marketed. This is not something that lawyers ordinarily arrange. If you are instructing a Cumbria conveyancing lawyer they might help arrange energy performance certificates given their contacts with reputable local assessors
I am currently in the process of buying my council flat in Cumbria. I have a mortgage offer with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Cumbria?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cumbria. 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 Cumbria differ for newly converted properties?
Most buyers of new build residence in Cumbria contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Cumbria 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 Cumbria or who has acted in the same development.
Are there frequently found deficiencies that you encounter in leases for Cumbria properties?
There is nothing unique about leasehold conveyancing in Cumbria. Most leases are drafted differently and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the property Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I own a 1st floor flat in Cumbria, conveyancing was carried out in 2007. How much will my lease extension cost? Corresponding properties in Cumbria with a long lease are worth £176,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2105
With 80 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.