Our lawyer has identified a defect with the lease for the flat we are buying in Hotwells. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the mortgage company 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 requirements. You and the lender are the client. The appropriate lender specifications must be adhered to.
Will commercial conveyancing searches disclose impending roadworks that could impact a commercial site in Hotwells?
Its becoming the norm that commercial conveyancing solicitors in Hotwells will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Hotwells. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hotwells.
For every commercial conveyancing transaction in Hotwells it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Hotwells commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Hotwells.
I used Wolstenholmes a few years past for my conveyancing in Hotwells. Now, I need my files but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Hotwells of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the guidance of my in-laws I had a survey completed on a house in Hotwells in advance of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some banks will not grant a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hotwells. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to choose a Hotwells conveyancing solicitor who is local to the property I am purchasing? An old friend can execute the legal formalities but his firm is located a couple of hundredmiles away.
The primary upside of using a local Hotwells conveyancing practice is that you can pop in to sign paperwork, hand in your identification documents and pester them if necessary. Having local Hotwells know how is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and the majority were content that should surpass using an unfamiliar Hotwells conveyancing lawyer just because they are Hotwells based.
Estate agents have just been given the go-ahead to market my garden apartment in Hotwells. Conveyancing solicitors are to be appointed soon, however I have just had a half-yearly maintenance charge demand – what should I do?
It best that you discharge the maintenance contribution as normal as all ground rent and service payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment 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 purchased a 2 bed flat in Hotwells, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Hotwells with over 90 years remaining are worth £186,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2078
You have 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns 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.