My fiance’s brother is a property lawyer. I am hopeful that I'll be able to get mate’s pricing for conveyancing, but if not, what kind of costs would I typically be looking at for conveyancing in Ludlow?
It’s advisable to get 3 or more like-for-like conveyancing estimates. Make use of our search tool on this site. Whilst charges do be different but the service one can expect are distinct between conveyancers as is true with the vast majority of professional services.
Our conveyancer has discovered a a legal deficiency with the lease for the property we are buying in Ludlow. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My wife and I have a renovated Georgian house in Ludlow. Conveyancing practitioner represented me and Nationwide Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ludlow and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who completed the work.
How does conveyancing in Ludlow differ for newly converted properties?
Most buyers of new build property in Ludlow come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Ludlow typically acquire the site, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Ludlow or who has acted in the same development.
I opted to have a survey carried out on a property in Ludlow prior to appointing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks will not grant a loan on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ludlow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ludlow to see if the conveyancing will be more expensive.
Last September I purchased a leasehold property in Ludlow. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Ludlow Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
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Does this lease have more than 85 years unexpired? The answer will be helpful as a) areas can result in problems for the building as the common areas may begin to deteriorate where maintenance remain unpaid b) if the tenants have a dispute with the managing agents you will wish to have complete disclosure Are there any major works in the planning that will likely increase the maintenance costs?