My conveyancer has identified a defect with the lease for the flat we are buying in Farnham Common. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancer will have no choice but to discontinue acting for you.
Completed the sale of my flat in Farnham Common last December but our buyer keeps telephoning me to moan that her conveyancer is waiting to hear from mine. What should my lawyer have done following completion?
After completion of your disposal your solicitor is duty bound to send the transfer deeds and all additional paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer should also evidence that the legal charge in favour of the lender has been redeemed to the buyers conveyancers. There are no post completion tasks peculiar conveyancing in Farnham Common.
My brother-in-law has suggested I instruct a conveyancing solicitor in Farnham Common. I I would like to check if they are accepted on the Santander approved list of lawyers. Can you assist?
You should call the lawyer and ask them whether they can act for the lender. Otherwise please call Santander who may be able to help.
What does a local search reveal concerning the house my wife and I purchasing in Farnham Common?
Farnham Common conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example Searches UK The local search plays an important role in many a Farnham Common conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I have been sourcing a conveyancing solicitor in Farnham Common for my home move. Is there any facility to review a firm’s complaints history with the legal regulator?
Members of the public can read published Solicitor Regulator Association (SRA) decisions stemming from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. For details Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The regulator may recorded telephone calls for training reasons.
I am a negotiator for a reputable estate agent office in Farnham Common where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Farnham Common conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
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 studio flat in Farnham Common, conveyancing formalities finalised in 2011. How much will my lease extension cost? Equivalent flats in Farnham Common with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2089
You have 63 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.