My conveyancer has discovered a defect with the lease for the property we are purchasing in Elmers End. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the lender 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 risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner 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 bank 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.
We wanted to use a conveyancing solicitor in Elmers End for our house purchase. Our financial adviser has since advised us that our bank Aldermore won't deal with them. Surely this is unduly restrictive?
A mortgage company may require a panel solicitor act for it. You would be expected to meet the charges for this. Try using our tool to choose a solicitor to carry conveyancing in Elmers End on the Aldermore conveyancing panel.
Despite weeks of looking the Title Certificate and documents to my house are lost. The lawyers who dealt with the conveyancing in Elmers End 4 years ago have long since closed. What are my next steps?
Assuming you have a registered title the information relating to your proprietorship will be retained by HMLR with a Title Number. It is possible to carry out a search at the Land Registry, locate your property and get current copies of the Registered Entries for less than a fiver. Where the property is Leasehold then the Land Registry will usually retain a file copy of the Registered Lease and again, a copy can be retrieved for a small fee.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Elmers End I like with amenity areas and transport links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Elmers End in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Elmers End. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Elmers End ?
Most houses in Elmers End are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Elmers End in which case you should be shopping around for a Elmers End conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
I have had difficulty in trying to reach an agreement for a lease extension in Elmers End. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Elmers End conveyancing firm who can help.
An example of a Lease Extension decision for a Elmers End premises is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The unexpired residue of the current lease was 26.38 years.
I am looking to buy a repossessed property in Elmers End and the bank selling require completion inside a month. Can a property lawyer meet that timeframe? Would it be better to instruct a high street Elmers End firm or an online firm that professes to complete quickly?
Visit your Elmers End high street. Go in to a couple of firms and ask to talk to a conveyancing solicitor for a quote. Set out your needs and seek assurances on time frames. Choose the one that seems most genuine. Make sure to use a lawyer on the list of solicitors acceptable to your lender.