Our conveyancer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Hawkshead. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender 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 bank 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.
My wife and I buying a 3 bedroom semi in Hawkshead. The intention is to an extension at the rear at the house.Will the conveyancing process include checks to determine if these alterations were previously refused?
Your conveyancer will check the registered title as conveyancing in Hawkshead will sometimes reveal restrictions in the title documents which restrict categories of alterations or require the consent of another owner. Some additions require local authority planning permissions and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
When it comes to lenders such as Lloyds, do Hawkshead conveyancers face a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We were going to get a OIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Hawkshead solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hawkshead solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I am buying a property and the solicitor has raised the issue of Chancel Repair for which the house could be liable because it falls into the area of such a church. She has mentioned insurance. Is this really appropriate for conveyancing in Hawkshead
Unless a prior purchase of the property took place post 12 October 2013 you may take it that conveyancing practitioners conducting conveyancing in Hawkshead to remain recommending a chancel search and or chancel repair liability policy.
I am purchasing a new build house in Hawkshead benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not inform my conveyancer about the extras as it would put at risk my loan with the bank. 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.
I need to instruct a conveyancing lawyer in Hawkshead for my home move. Is it possible to see a firm’s record with the legal regulator?
You may review published Solicitor Regulator Association (SRA) determinations arising from investigations from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator could monitor telephone calls for training reasons.
I am attracted to a couple of flats in Hawkshead both have approximately 50 years left on the leases. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area.
I own a basement flat in Hawkshead, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Hawkshead with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2092
You have 66 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.