I am acquiring a flat in Malvern. My property lawyer is not on the mortgage company conveyancing panel. Am I still permitted to retain my Malvern conveyancing solicitor notwithstanding that they are not on the lender list of approved lawyers?
You have numerous alternatives available to you here
- Proceed with your preferred Malvern conveyancing practitioner but your lender will undoubtedly retain a property lawyer on their approved panel. The net result is additional charges and likely frustration.
- Appoint a new property lawyer to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Appeal to your conveyancing practitioner to apply to join the bank panel
I purchased a freehold premises in Malvern but still pay 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 have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Malvern I like with a park and transport links in the vicinity, however it only has 49 years on the lease. There is not much else in Malvern in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Malvern. I happened to discover a site which appears to be the perfect solution If there is a chance to get all this stuff done via email that would be ideal. Do I need to be wary? What should out be looking out for?
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?
Due to complete next month on a basement flat in Malvern. Conveyancing solicitors inform me that they report fully within the next couple of days. 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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Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? What the implications are if you have breached the provisions of the lease? You should be sent a copy of the lease Your lawyers should enable you to have an understanding of the insurance obligations It needs to be made clear to you whether the lease allows you to alter or improve anything in the property- you must be made aware as to whether it applies to all alterations or limited to structural alteration, and whether licences for alterations is required
I bought a leasehold flat in Malvern, conveyancing was carried out in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Malvern with a long lease are worth £206,000. The ground rent is £45 per annum. The lease ceases on 21st October 2093
With 67 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Our lawyer in Malvern has discovered a defect with the lease for the flat we are purchasing in Malvern. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says 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 mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender 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.