My conveyancer has identified a defect with the lease for the apartment we are buying in Eccleshall. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
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 conveyancer must comply with the UK Finance Lenders’ Handbook requirements. 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 lawyer will have no choice but to discontinue acting for you.
How do I investigate if the solicitor handling my conveyancing in Eccleshall is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for The Royal Bank of Scotland thus spending £187.00 plus VAT in further conveyancing bill.
Feel free to take advantage of the search tool on this site. Please choose the lender and type ‘Eccleshall’ or your preferred area and you will discover a number of lawyer located in Eccleshall or nearest you.
I have recentlybeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Eccleshall for a purchase of a leasehold apartment 9 months ago. How can I check that the property is in my name in the name of the former proprietor?
The easiest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Eccleshall conveyancing specialists.
I'm buying a new build house in Eccleshall with a loan from Barnsley Building Society. The sellers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not reveal to my lawyer about the deal as it would adversely affect my loan with Barnsley Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the guidance of my in-laws I had a survey completed on a house in Eccleshall before retaining conveyancers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders may refuse to issue a loan on this type of home.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Eccleshall. Conveyancing will be smoother if you use a solicitor in Eccleshall especially if they are familiar with such properties in Eccleshall.
I am a negotiator for a long established estate agency in Eccleshall where we have witnessed a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Eccleshall conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease 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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
I invested in buying a split level flat in Eccleshall, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Eccleshall with an extended lease are worth £171,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2105
With 79 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered 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 without first getting professional advice.