Our solicitor has identified a a problem with the lease for the apartment we are purchasing in Kingswood. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer says that he must check that the lender is willing to move forward with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the mortgage company 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 provisions. You and the bank are the client. These conveyancing instructions must be adhered to.
We're in Kingswood, First time buyers purchasing with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
A colleague advised me that in buying a property in Kingswood there may be various restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Kingswood which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Kingswood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have been told by my lawyer that chancel insurance is required on my purchase. What is the level of cover for Kingswood conveyancing?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between Santander and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such policies.
My wife and I are in the process of looking at houses in Kingswood and I am about to put in an offer. Should I already have a conveyancing practitioner appointed at this point? I intend to finance via a home loan with Nottingham.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are obtaining a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
Due to the input of my in-laws I had a survey completed on a house in Kingswood ahead of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some lenders may not issue a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. If you contact us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kingswood. Conveyancing may be slightly more expensive based on your lender's requirements.
How can the Landlord & Tenant Act 1954 affect my commercial offices in Kingswood and how can your lawyers assist?
The 1954 Act gives a safeguard to business lessees, giving them the legal entitlement to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and assist with commercial conveyancing in Kingswood
If all goes to plan we aim to complete the sale of our £475,000 maisonette in Kingswood next Wednesday. The managing agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Kingswood?
For most leasehold sales in Kingswood conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing conveyancing due diligence enquiries
Where consent is required before sale in Kingswood
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I purchased a basement flat in Kingswood, conveyancing was carried out in 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Kingswood with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2076
With only 52 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.