My conveyancer has discovered a a legal deficiency with the lease for the flat we are purchasing in Grenoside. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender requirements must be adhered to.
Various online forums that I have frequented warn that are a common cause of hinderance in Grenoside house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Grenoside.
The deeds to my home are lost. The lawyers who handled the conveyancing in Grenoside 5 years ago no longer exist. What do I do?
These day there are copies made of almost everything, and your conveyancer should be aware precisely where to look for all the suitable paperwork so you can buy or dispose of your property without any difficulty. Where copies are not available, your lawyer may be able to put in place insurance or indemnities against possible claims on the premises.
I opted to have a survey done on a property in Grenoside prior to appointing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks will not give a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Grenoside. Conveyancing may be slightly more expensive based on your lender's requirements.
I've recently bought a leasehold flat in Grenoside. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a split level flat in Grenoside, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Grenoside with a long lease are worth £202,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2081
With 56 years left to run the likely cost is going to span between £29,500 and £34,000 plus 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 in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
We are soon to purchasing a home in Grenoside. Conveyancing is not yet done but we wish to have our transaction price a secret from sites such as Nestoria. How could this be achieved ?
HM Land Registry by statute are bound to disclose price sold information on the official title for residential properties countrywide including premises in Grenoside. The register of ownership is an open document, so HM Land Registry would be breaking the law if they failed to allow access to the register.
In essence you can make a request of HMLR to hide the price paid data but the response will be in the negative.