Our lawyer has discovered a a problem with the lease for the property we are buying in Hemsworth. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. The appropriate lender provisions have to be complied with.
Can you explain why leasehold purchase conveyancing in Hemsworth costs more?
The conveyancing charges on a leasehold property in Hemsworth is inevitably more expensive than on a freehold acquisition or disposal. This is due to the supplemental investigations required in communicating with the landlord and managing agents to collate the evidence concerning whether the rent and service charges have been discharged and whether there are any major works due in the near future on repairs or maintenance of the building.
I am buying my first flat in Hemsworth benefiting from help to buy. The sellers would not move on the price so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my lawyer about this side-deal as it may put at risk my loan with the lender. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Hemsworth I like with amenity areas and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Hemsworth suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I need to instruct a conveyancing practitioner in Hemsworth for my purchase. Is there any facility to review a solicitor's complaints history with the profession’s regulator?
Members of the public can search for documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training requirements.
I have just appointed agents to market my garden flat in Hemsworth. Conveyancing has not commenced, but I have recently had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as usual as all rents and service charges will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a 2 bed flat in Hemsworth, conveyancing having been completed in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Hemsworth with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease finishes on 21st October 2085
With 61 years unexpired we estimate the price of your lease extension to be between £19,000 and £22,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.