Our lawyer has discovered a a legal deficiency with the lease for the flat we are purchasing in East Cowes. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender conditions have to be complied with.
It is a dozen years since I bought my house in East Cowes. Conveyancing solicitors have now been instructed on the sale but I can't locate my deeds. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be kept by your lender or they may be in the possession of the solicitor who handled your purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in East Cowes involves registered property but in the unlikely event that your property is not registered it is more problematic but is resolvable.
Have purchased a a terraced house in East Cowes , how long will it take for the Land Registry to register the transfer to my name? My East Cowes conveyancing solicitor has been very slow, so I want to be certain the land registry aspects are concluded.
There is nothing unique when it comes to conveyancing in East Cowes registration formalities. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether there are errors and whether the Land registry must send notices to any third persons or bodies. As of today in the region of three quarters of such applications are fully addressed within two weeks but some can be subject to protracted hold-ups. Historically registration occurs after the buyer has moved in to the premises therefore an expedited registration is not always top priority but if there is a degree of urgency associated with the registration then you or your solicitor should contact the land registry and explain the circumstances.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. East Cowes is where the house is located. Can you offer any guidance?
Flying freeholds in East Cowes are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East Cowes you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Cowes may ascertain 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.
In my capacity as executor for the estate of my grandfather I am disposing of a house in Newport but reside in East Cowes. My lawyer (based 250 miles awayneeds me to sign a stat dec ahead of the transaction finalising. Can you recommend a conveyancing solicitor in East Cowes to witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are East Cowes based
I work for a long established estate agency in East Cowes where we see a few flat sales put at risk due to short leases. I have been given conflicting advice from local East Cowes conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 purchaser.
I acquired a 1st floor flat in East Cowes, conveyancing formalities finalised in 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in East Cowes with over 90 years remaining are worth £190,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2087
With just 62 years unexpired the likely cost is going to span between £17,100 and £19,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.