Our solicitor has discovered a defect with the lease for the flat we are purchasing in Hindhead. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must check that the bank is happy with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. These conveyancing instructions have to be complied with.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to use a local conveyancing solicitor in Hindhead?
Do check but the chances are that give you one of their panel lawyers if you accept the "fee-free" incentive. Contact the bank and check if they allow a cash alternative. Some lenders have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Hindhead.
What will a local search inform me concerning the house my wife and I buying in Hindhead?
Hindhead conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search plays an important part in most Hindhead conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
The deeds to our house can not be found. The solicitors who handled the conveyancing in Hindhead 10 years ago are no longer around. Will I be able to sell the house?
Assuming you have a registered title the details of your proprietorship will be held by HMLR under a Title Number. It is possible to execute a search at the Land Registry, find your house and obtain current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will usually retain a certified copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
About to purchase a new build flat in Hindhead. Conveyancing is necessary evil 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 few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Hindhead
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I have just appointed agents to market my basement apartment in Hindhead. Conveyancing is yet to be initiated, however I have recently had a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as you normally would as all ground rent and service invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless 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 inherited a 1st floor flat in Hindhead, conveyancing formalities finalised 4 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Hindhead with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2095
You have 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.