We hired a high street solicitor for our conveyancing in Lake yesterday. Reviewing the terms of engagement I seewe are liable for costs even if the sale aborts. Would I be best advised to use a web based conveyancing company advertising no completion no charge conveyancing in Lake?
It is usually ‘give and take’ in that if "No Completion No Fee" is advertised then the conveyancing charges will generally be uplifted to offset those conveyances that abort. Also remember that such deals tend not to cover expenditure for instance Lake conveyancing search charges.
My fiance and I intend to remortgage our flat in Lake with Clydesdale. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Clydesdale conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Clydesdale. This is solely used to protect Clydesdale if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Clydesdale had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Lake. Do I pick up the keys to the property on completion from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Lake?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you should be able to pick up the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
When it comes to mortgage companies such as RBS, do Lake solicitors incur a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lake bank branch on numerous occasions and was told they are content with the situation and they will lend. My Lake conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their specific requirements. I have no idea who is right.
The solicitor has to comply with the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Will our conveyancer be asking questions regarding flooding as part of the conveyancing in Lake.
Flooding is a growing risk for solicitors specialising in conveyancing in Lake. Plenty of people will acquire a house in Lake, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a various searches that may be undertaken by the buyer or by their conveyancers which can give them a better appreciation of the risks in Lake. The conventional set of property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to determine if the property has suffered from flooding. If the premises has been flooded in past which is not disclosed by the seller, then a purchaser may issue a compensation claim stemming from an inaccurate answer. The purchaser’s lawyers will also commission an enviro search. This should reveal whether there is any known flood risk. If so, additional investigations will need to be carried out.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. Lake is the location of the property. Is there any guidance you can give?
Flying freeholds in Lake are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lake you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lake 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 premises.
What are the common defects that you witness in leases for Lake properties?
Leasehold conveyancing in Lake is not unique. Most leases are drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A provision for the recovery of money spent for the benefit of another party.
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I am the registered owner of a 1 bedroom flat in Lake, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Lake with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2105
With just 80 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.