Our solicitor has discovered a defect with the lease for the property we are purchasing in Great Coates. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company 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 solicitor will have no choice but to discontinue acting for you.
2 months have elapsed following my purchase conveyancing in Great Coates took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Great Coates differ for newly converted properties?
Most buyers of new build property in Great Coates contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Great Coates usually buy 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 Great Coates or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one round the corner in Great Coates I like with amenity areas and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Great Coates in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
There are only Fifty years remaining on my lease in Great Coates. I now want to extend my lease but my landlord is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have used your best endeavours to find the lessor. For most situations an enquiry agent may be helpful to try and locate and prepare a report to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Great Coates.
I own a 1st floor flat in Great Coates, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Great Coates with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2096
With only 72 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 plus professional fees.
The figure above 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 the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
I have recently placed an offer on a leasehold flat in Great Coates and the estate agent that we are dealing with suggested his conveyancing practitioner. He quoted £800 including VAT and 3rd party costs. Does this sound steep?
You should not rely on a single estimate. One should obtain like-for-like quotes for your conveyancing in Great Coates. Then select one that you are comfortable with and crucially, is on the approved list of the lender that you are sourcing your mortgage from.