My conveyancer has identified a a problem with the lease for the apartment we are purchasing in Earley. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your solicitor 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 mortgage company 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who handled the conveyancing in Earley 5 years ago are no longer around. What are my next steps?
As long as the title is registered the details of your proprietorship will be recorded by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, identify your house and order up to date copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will also normally hold a file duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Earley I like with amenity areas and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Earley for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
My company is looking to lease a unit on a shopping parade. Can you recommend lawyers offering fixed costs for commercial conveyancing in Earley for less than 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Earley, including the sale and purchase of businesses as well as simply premises. If you are hoping to purchase or dispose of a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right firm. As for the fees these will vary based on the structure and heads of terms of the deal. Let us have your details or call so as to enable us to supply you with comprehensive commercial conveyancing quote.
I am 18 days into a leasehold purchase having been directed to conveyancers by the selling agent to execute conveyancing in Earley. I am am extremely disappointed with the level of service. Could you you assist me in finding new lawyers?
A lawyer would have to be very poor to suggest replacing them. Has your mortgage been issued? In the event that it has you will need to inform them of the new contact details and get the offer are re-issued. Your conveyancer needs to be on the lenders approved list to avoid supplemental expenses and delays. That should be your starting point. The find a solicitor tool should help you find a bank approved lawyer for your home move in Earley
I am a negotiator for a busy estate agent office in Earley where we have witnessed a few flat sales derailed due to short leases. I have been given inconsistent advice from local Earley conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Earley Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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Does the lease contain onerous restrictions? What is the name of the managing agents? How many of the leaseholders are in arrears for their service charge payments?