Our lawyer has discovered a a problem with the lease for the property we are purchasing in Great Baddow. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company is willing to move forward 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 mortgage company are the client. Your conveyancing practitioner 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 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 conveyancer will have no choice but to discontinue acting for you.
Why is leasehold purchase conveyancing in Great Baddow is more expensive?
In summary, leasehold conveyancing in Great Baddow and Essex usually involve more due diligence compared to freehold conveyancing. This includes analysing the lease terms, corresponding with the landlord concerning the service of appropriate notices, obtaining current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
My grandmother passed away last year and as sole heir and executor I was left the house in Great Baddow. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this possible?
Given you plan to refinance then Skipton will require that you use a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
Due to the input of my in-laws I had a survey completed on a house in Great Baddow before retaining solicitors. I have been informed that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Great Baddow. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there any apps to help search for a Great Baddow solicitor on the Yorkshire Building Society conveyancing panel? I am a keen cyclist and am willing to travel upto 20kilometers to meet the lawyer.
Feel free to make use of the tool on this website. Please select a mortgage company and your location and you will see a number of Great Baddow conveyancing lawyers based on proximity. We have listed some Great Baddow conveyancing firms towards the end of this page and you can call them to verify whether they are on the Yorkshire Building Society approved list
I work for a reputable estate agent office in Great Baddow where we have witnessed a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Great Baddow conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Great Baddow Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
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Is the freehold owned collectively by the tenants? How much is the service charge and ground rent on the apartment? Are any of leasehold owners in arrears of their service charge payments?