I am purchasing an apartment in Malvern. My property lawyer is not listed on the mortgage company conveyancing list. Am I still permitted to use my Malvern conveyancing solicitor even though they are not on the mortgage company panel?
Your options include
- Proceed with your chosen Malvern solicitor but your mortgage company will no doubt instruct a lawyer on their approved panel. This will result in additional fees and likely interruption.
- Choose a new solicitor to conduct the conveyancing, making sure they are on the mortgage company conveyancing panel.
- Appeal to your lawyer to seek to join the bank panel
I am the registered owner of a freehold premises in Malvern yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Malvern and has limited impact for conveyancing in Malvern 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 date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Malvern I like with open areas and transport links nearby, the downside is that it only has 61 years on the lease. There is not much else in Malvern for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I need to retain a conveyancing solicitor for freehold conveyancing in Malvern. I happened to chance upon a web site which seems to have the perfect offering If it is possible to get all this stuff done via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to complete next month on a studio apartment in Malvern. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Malvern should include some of the following:
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The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Ground rent - what is due and when you need to pay, and be on notice if this is subject to change Information as to the provision in the lease to to contribute towards maintenance costs - in relation to the building, and the wider rights a tenant has The physical extent of the property. This might be the property itself but could also incorporate a attic or storage are if appropriate. What options are open to you if a neighbour is in violation of a provision in their lease?
I acquired a split level flat in Malvern, conveyancing was carried out June 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Malvern with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2093
With 67 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
Our solicitor in Malvern has discovered a a problem with the lease for the property we are buying in Malvern. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender 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.