My conveyancer has uncovered a defect with the lease for the flat we are purchasing in Fordingbridge. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.
I am the single beneficiary of my late mum's estate and I have everything in my name alone, including the house in Fordingbridge. The Fordingbridge property was put into my name in December. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship may be considered the same way as though I had purchased the house in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this provision is chiefly there to pick up on the purchase and immediately sell or the quick reselling of property.
We are getting a further advance on our mortgage from Leeds Building Society as we intend to carry out renovations to our house in Fordingbridge. Are we obliged to select a nearby Fordingbridge solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?
Leeds Building Society do not ordinarily instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society panel.
The formalities of my remortgage has taken place for my property in Fordingbridge. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I require fast conveyancing in Fordingbridge as I am under an ultimatum to complete inside 3 weeks. Thankfully I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not obtaining a mortgage you are at free not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Fordingbridge the following are examples of what can arise and therefore impact future saleability: Refused Planning Applications, Outstanding Fees, Overdue Grants, Unadopted Roads,...
Me and my brother own a terraced Georgian property in Fordingbridge. Conveyancing practitioner acted for me and Yorkshire Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fordingbridge and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the conveyancing.
I am buying a new build apartment in Fordingbridge. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Fordingbridge
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants.
Do you have any top tips for leasehold conveyancing in Fordingbridge with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Fordingbridge can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives. The majority of landlords or managing agents in Fordingbridge levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Fordingbridge. If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled. If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Organising a new share certificate is often a lengthy process and slows down many a Fordingbridge home move. If a new share is necessary, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
I inherited a basement flat in Fordingbridge, conveyancing formalities finalised June 2009. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Fordingbridge with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2100
You have 75 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.