Our solicitor has uncovered a a legal deficiency with the lease for the flat we are purchasing in Idle. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions 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 mortgage company are the client. These conveyancing instructions must be adhered to.
We are buying a house and require a conveyancing solicitor in Idle who is on the UBS conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for UBS . We don't recommend any particular firms conducting conveyancing in Idle.
Can I be sure that the Idle conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Idle getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor handling your transaction.
I had a mortgage agreed in principle with Kent Reliance. Idle conveyancing solicitors are instructed. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
Some lenders take longer than others. Have Kent Reliance completed the valuation? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My husband and I are spending time viewing flats in Idle and I am about to put in an offer. Is it sensible to have my solicitor on ‘stand by’? I will be getting a mortgage with Nationwide.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are getting a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The conveyancers who conducted the conveyancing in Idle 4 years ago have long since closed. What are my options?
As long as the title is registered the information relating to your proprietorship will be retained by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, identify your property and obtain current copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be obtained for a small fee.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Idle is the location of the property. Can you shed any light on this issue?
Flying freeholds in Idle are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Idle you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Idle may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I work for a reputable estate agent office in Idle where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Idle conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 buyer.
I invested in buying a 2 bed flat in Idle, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Idle with a long lease are worth £206,000. The ground rent is £45 yearly. The lease ends on 21st October 2090
You have 66 years remaining on your lease we estimate the price of your lease extension to be between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.