Our solicitor has uncovered a a legal deficiency with the lease for the property we are buying in Fleet. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank 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 lawyer 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 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 property lawyer will have no choice but to discontinue acting for you.
My property lawyer in Fleet has never been on on the Coventry Building Society Approved Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Coventry Building Society panel of approved conveyancing solicitors?
The limited options open to you here include:
- Complete the purchase with your preferred Fleet solicitors but Coventry Building Society will need to retain a solicitor on their list of acceptable firms. This will inevitably rack up the overall conveyancing fees and cause frustration.
- Get an alternative practitioner to to deal with the purchase, not forgetting to check they are Coventry Building Society approved.
- Try to convince your Coventry Building Society based solicitor to try to join the Coventry Building Society panel
My wife and I are purchasing a property in Fleet. It might be a silly question but how we can trust a lawyer? At some point we will need to send our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can you help - my lawyer says that lack of building regulations insurance is needed on my purchase. What is the level of cover for Fleet conveyancing?
The appropriate level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between HSBC Bank and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
Can I be sure that the Fleet conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Fleet obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor carrying out your transaction.
How does conveyancing in Fleet differ for newly converted properties?
Most buyers of new build property in Fleet contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Fleet usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Fleet or who has acted in the same development.
I decided to have a survey completed on a house in Fleet before retaining solicitors. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Fleet. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to choosing a Fleet conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Fleet conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Fleet conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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What are the charges for lease extension work? How many lease extensions has the firm conducted in Fleet in the last 12 months?
I am the registered owner of a basement flat in Fleet, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Fleet with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2080
With just 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.