Our solicitor has discovered a a problem with the lease for the flat we are buying in Hanley. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that he must ensure that the mortgage company is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
I am planning on selling our home in Hanley and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers used a factory type conveyancing outfit rather than a conveyancing solicitor in Hanley. Having lived in Hanley for six years we know that this is a non issue. Is it a good idea to contact our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I'm buying my first flat in Hanley with a loan from Aldermore. The developers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not inform my solicitor about the extras as it would jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a house in Hanley ahead of appointing solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks may not give a mortgage on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hanley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hanley to see if the conveyancing costs will increase in light of this.
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At this site obtain a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Hanley. As opposed to estate agents and brokerage sites we do not have referral arrangements with solicitors. Some agents and online brokers 'recommend' solicitors that pays the most commission, not the best value conveyancing in Hanley
I am a negotiator for a reputable estate agent office in Hanley where we have witnessed a number of leasehold sales derailed due to short leases. I have received contradictory information from local Hanley conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner 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. The benefit of this is 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I own a 1st floor flat in Hanley, 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 properties in Hanley with a long lease are worth £202,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2081
With 56 years left to run the likely cost is going to be between £29,500 and £34,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.