Our solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Hitchin. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Having invested time scouring consumer advice sites for an affordable lawyer in Hitchin, many post that I must use a CQS accredited solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's major mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. The scheme does not cover licenced conveyancers. Hitchin is one of the many areas of the UK where there are Accredited lawyers.
My bid for a property was accepted at auction in Hitchin. Conveyancing is needed. What is next?
Having exchanged you will need to instruct a conveyancing solicitor soon as you are faced with a fast approaching a fixed date to complete the transaction. An auction property should have an associated auction pack. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You should hand this to the solicitor instructed by you at the earliest opportunity. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
My aunt advised me that in buying a property in Hitchin there may be various restrictions limiting what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in Hitchin which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Hitchin should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
The formalities of my remortgage has taken place for my property in Hitchin. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a house in Hitchin? or I am told that there is historic law that could mean that homeowners living in a parish church boundary will be compelled to pay for repairs towards the chancel within the church. Is this a legitimate concern for conveyancing in Hitchin?
Unless a previous acquisition of the property took place post 12 October 2013 you could assume that lawyers carrying out conveyancing in Hitchin to continue to advocate a chancel search and or insurance against a claim.
Me and my brother have a renovated Edwardian house in Hitchin. Conveyancing lawyer represented me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the exact same property. I thought I was buying a freehold how can I check?
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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hitchin 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 purchasers. You can also enquire as to the position with the conveyancing lawyer who carried out the work.
I am employed by a long established estate agency in Hitchin where we see a few flat sales derailed as a result of short leases. I have received conflicting advice from local Hitchin conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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 Hitchin, conveyancing formalities finalised in 2001. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Hitchin with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2094
You have 69 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.