My solicitor has discovered a a legal deficiency with the lease for the apartment we are buying in Dunchurch. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender 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 lender are the client. These conveyancing instructions have to be complied with.
I purchased a freehold residence in Dunchurch but still pay rent, why is this and what is this?
It is rare for properties in Dunchurch and has limited impact for conveyancing in Dunchurch but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
About to purchase a new build apartment in Dunchurch. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Dunchurch
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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 Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I decided to have a survey carried out on a property in Dunchurch prior to appointing solicitors. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders tend not give a loan on such a home.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Dunchurch. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Dunchurch to see if the conveyancing will be more expensive.
What advice can you give us when it comes to choosing a Dunchurch conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Dunchurch conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Dunchurch conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
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Can they put you in touch with clients in Dunchurch who can give a testimonial?
I bought a 1 bedroom flat in Dunchurch, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Dunchurch with an extended lease are worth £265,000. The ground rent is £50 per annum. The lease terminates on 21st October 2102
With just 76 years unexpired the likely cost is going to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
I require the services of a lender panel solicitor in Dunchurch. Can you assist?
It is not clear why you need a Dunchurch panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the mortgage company to find out which solicitors in Dunchurch are on their panel . If you do find such a firm in Dunchurch not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site