My partner and I are looking to acquire a home in High Peak and have appointed a High Peak conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Coventry Building Society have this evening contacted us to advise us that they have now hit a problem as our High Peak solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own High Peak solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My High Peak solicitor has discovered a difference between the information in the valuation survey and what is in the title deeds. My solicitor says that he needs to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Me and my brother purchased a 4 bedroom Georgian house in High Peak. Conveyancing lawyer represented me and Coventry Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in High Peak and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing solicitor who conducted the work.
I have been on the look out for a ground for flat up to £305k and found one round the corner in High Peak I like with a park and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in High Peak for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in High Peak. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in High Peak ?
The majority of houses in High Peak are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in High Peak in which case you should be shopping around for a High Peak conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.
I own a ground floor flat in High Peak, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in High Peak with a long lease are worth £190,000. The ground rent is £65 per annum. The lease ceases on 21st October 2086
With 61 years unexpired we estimate the premium for your lease extension to range between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Some weeks ago I was advised by my lender that their approved solicitors operate no sale no fee basis for conveyancing in High Peak. Our purchase did not proceed nevertheless the lawyers have requested search fees! They are stating that the fees are seperate!
By promising "no sale no fee" High Peak conveyancing lawyers are foregoing their charges for any work done. We must stress this is not to be regarded as an insurance scheme. Disbursements aren’t covered – where the conveyancing practitioner have to pay money out to independent parties, for instance High Peak local search fees