Our conveyancer has identified a a legal deficiency with the lease for the apartment we are purchasing in Elmswell. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the bank is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. 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 are purchasing a property and the lawyer has raised the issue of Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. She has recommended insurance. Is this really required for conveyancing in Elmswell
Unless a previous purchase of the property took place after 12 October 2013 you can assume that solicitors handling conveyancing in Elmswell to continue to propose a a chancel search and or chancel repair liability insurance.
I completed on my house on 7 July and my personal details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Elmswell expressed confidence that it will be formalised in a couple of weeks. Are transfers in Elmswell uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Elmswell registration formalities. Rather than based on location, timeframes can adjust depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. At present roughly 80% of submission are completed within 12 days but some can be subject to longer delays. Registration takes place once the purchaser has moved in to the property therefore 'speed' is not usually top priority but if there is a degree of urgency associated with the registration then you or your solicitor must contact the land registry and explain the circumstances.
Due to the encouragement of my in-laws I had a survey completed on a house in Elmswell ahead of retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some lenders will refuse to grant a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. 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 assist as they are used to dealing with flying freeholds in Elmswell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Elmswell to see if the conveyancing will be more expensive.
Can you offer any advice when it comes to appointing a Elmswell conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Elmswell conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Elmswell conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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How familiar is the practice with lease extension legislation? If the firm is not ALEP accredited then why not?
I acquired a ground floor flat in Elmswell, conveyancing formalities finalised in 1995. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Elmswell with a long lease are worth £186,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2078
With only 52 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
When it comes to my conveyancing in Elmswell should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Elmswell conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.