My lawyer has identified a a legal deficiency with the lease for the property we are buying in Denham. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that he must check that the bank is happy with this solution. Are we the client or is the bank?
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 property lawyer 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.
We previously instructed conveyancing lawyers locally in Denham on the Nottingham solicitor panel. They are now charging me a supplemental fee for the legal aspects of the Nottingham mortgage. Is this an additional conveyancing fee set by Nottingham?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer is entitled to levy a fee for this. The fee is not set by Nottingham but by your Denham property lawyer. Plenty of firms on the Nottingham panel will charge an ‘acting for lender’ fee and others do not.
Can I be sure that the Denham conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Denham obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor conducting your transaction.
Lloyds have agreed my mortgage in principle, my bid on a property in Denham has been agreed to, what are the next steps?
The estate agent will wish to be advised as to your property lawyer's details (ensure that the lawyers are on the bank’s approved list). Contact Lloyds or your broker and complete any relevant documentation. Lloyds will instruct a valuer who will get in contact with the estate agent or seller to arrange a slot for the valuation to happen. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Lloyds will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Denham.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Denham is where the house is located. Is there any guidance you can give?
Flying freeholds in Denham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Denham you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Denham 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.
We're new on the property ladder - agreed a price, yet the selling agent has warned us that the seller will only go ahead if we use the agent's recommended lawyers as they want a ‘quick sale’. We would rather use a local solicitor who is accustomed to conveyancing in Denham
We suspect that the seller is not behind this requirement. If they want ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are ready to go, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)but you are going to instruct your preferred Denham conveyancing lawyers - not the ones that will provide their estate agent a kickback or achieve conveyancing targets pre-set by senior management.
Do you have any top tips for leasehold conveyancing in Denham from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Denham can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers. You may think that you are aware of the number of years left on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled. A minority of Denham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the Management Company, you should make sure that you have the original share document. Organising a re-issued share certificate is often a lengthy formality and frustrates many a Denham home move. If a duplicate share certificate is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
I own a ground floor flat in Denham. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Absolutely. We can put you in touch with a Denham conveyancing firm who can help.
An example of a Lease Extension decision for a Denham property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The unexpired term as at the valuation date was 71 years.
Is there an average conveyancing fee for conveyancing in Denham?
The average cost in 2014 for conveyancing in Denham was £1,395 not including Land Tax and HMLR charges.