My solicitor has uncovered a defect with the lease for the property we are buying in Liverpool. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions 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 have to be complied with.
I am the registered owner of a freehold property in Liverpool but still pay rent, why is this and what is this?
It’s unusual for properties in Liverpool and has limited impact for conveyancing in Liverpool but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I have recentlybeen informed that Action Conveyancing have been shut down. They carried out my conveyancing in Liverpool for a purchase of a leasehold apartment 10 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The quickest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Liverpool conveyancing specialists.
How does conveyancing in Liverpool differ for newly converted properties?
Most buyers of new build or newly converted property in Liverpool approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Liverpool tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Liverpool or who has acted in the same development.
I am hoping to complete next month on a ground floor flat in Liverpool. Conveyancing solicitors inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Liverpool should include some of the following:
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Responsibility for maintaining the window frames You should be sent a copy of the lease What options are open to you if a neighbour breaches a clause of their lease? What remedies are open the freeholder should you have contravened the provisions of the lease? Rent payments - what is payable and when is collected, and also know whether this is subject to change
I am the registered owner of a 2 bed flat in Liverpool, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Liverpool with an extended lease are worth £186,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2078
You have 52 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as costs.
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 detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Why can I not complete my conveyancing in Liverpool on Easter Monday?
Because on completion the money will be transferred electronically between the banks of the buyer and owner’s lawyer and at present this can only take place on a working day. So you can't complete on a weekend either.