My lawyer has identified a a legal deficiency with the lease for the property we are purchasing in Guiseley. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must check that the mortgage company 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 risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Guiseley? Is this really warranted?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Guiseley. However these days you will not be able to proceed with any conveyancing process without first supplying evidence of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as proof of ID it needs to be both the paper element as well as the photo card part, one is not sufficient without the other.
Proof of your source of money is necessary under Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer will need to have this information on file. Your Guiseley conveyancing practitioner will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they will also ask further questions concerning the origin of monies.
About to purchase a new build flat in Guiseley. 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 legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Guiseley
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Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Guiseley is the location of the property. What do you suggest?
Flying freeholds in Guiseley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Guiseley you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Guiseley may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Expecting to sign contracts shortly on a leasehold property in Guiseley. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Guiseley should include some of the following:
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The physical extent of the property. This could be the apartment itself but may incorporate a loft or cellar if appropriate. The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Rent payments - how much and what the invoice dates are, and be on notice if this is subject to change Whether your lease caters for for a sinking fund for major repairs? What options are open to you if a neighbour is in violation of a provision in their lease?
I am the registered owner of a 2 bed flat in Guiseley, 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 Guiseley with an extended lease are worth £260,000. The ground rent is £50 yearly. The lease runs out on 21st October 2100
With only 75 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
My partner is purchasing a garden flat in Guiseley. He was given a quote by the property lawyer recommended by the estate agents totaling £1300 . It was 7 years ago since I sold and bought a house and it cost was £495. Have fees really gone up that much?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Guiseley searches, land registry fees, etc)