My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Grimsby. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the bank is content with this solution. Who is the client here, us or the mortgage company ?
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 conveyancing practitioner 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 lender 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.
Can your site be used to locate a Conveyancing solicitor in Grimsby even where I’m not buying or disposing of a house, for example if I want to acquire an office in Grimsby with a loan from TSB?
The service is predominantly utilised to select domestic conveyancing solicitors in Grimsby but we have recorded at the bottom of this page a few Grimsby commercial conveyancing firms. You should speak with the solicitors directly to check if they are also authorised to represent TSB
I have todaybeen informed that Stirling Law have been shut down. They conducted my conveyancing in Grimsby for a purchase of a leasehold apartment 10 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The quickest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Grimsby conveyancing specialists.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Grimsby I like with a park and station nearby, however it only has 52 years on the lease. There is not much else in Grimsby in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor 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. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My husband and I are 17 days into a leasehold purchase having been referred to solicitors by the high street agent to carry out the conveyancing in Grimsby. I am not happy. Can you you assist me in finding new conveyancers?
A lawyer would have to be very bad to suggest diss instructing them. Has your mortgage been issued? In the event that it has you need to advise them of the replacement conveyancer and ensure the loan are re-sent. Your conveyancer needs to be on the mortgage company approved list to avoid escalating costs and frustration. That should be your first question of the new conveyancers. Our search tool can help you find a lender approved solicitor for your home move in Grimsby
Can you provide any advice for leasehold conveyancing in Grimsby from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Grimsby can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers’ lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. A minority of Grimsby leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. The majority of landlords or managing agents in Grimsby levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Grimsby. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Organising a duplicate share certificate can be a lengthy formality and delays many a Grimsby conveyancing deal. Where a new share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
Leasehold Conveyancing in Grimsby - A selection of Questions you should ask Prior to buying
-
How many of the leaseholders are in arrears for their service charge payments? How is the lease structured?