My lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Mitcheldean. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer 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 bank 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I own a freehold house in Mitcheldean but still charged rent, why is this and what is this?
It’s unusual for properties in Mitcheldean and has limited impact for conveyancing in Mitcheldean 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous 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 am purchasing a flat and require a conveyancing solicitor in Mitcheldean who is on the Alliance & Leicester conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Alliance & Leicester in certain locations such as Mitcheldean. We dont recommend any particular firm.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Mitcheldean I like with open areas and station in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Mitcheldean suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I am a couple of weeks into a leasehold purchase having been directed to solicitors by the estate agent to do our conveyancing in Mitcheldean. I am am extremely frustrated with the level of service. Could you you assist me in finding new solicitors?
A solicitor would need to be really poor to suggest replacing them. Has the mortgage been sent? If so you must advise them of the new contact details and get the offer are re-sent. Your solicitor ideally needs to be on the mortgage company approved list to avoid supplemental charges and complications. That should be your starting point. Our search tool should help you find a lender approved lawyer for your conveyancing in Mitcheldean
I have recently realised that I have Fifty years unexpired on my lease in Mitcheldean. I need to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. In some cases a specialist should be useful to conduct investigations and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Mitcheldean.
Leasehold Conveyancing in Mitcheldean - A selection of Questions you should consider Prior to Purchasing
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This question is important as a) areas may cause problems in the block as the communal areas may begin to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the managing agents you will wish to know about it How is the lease structured? Does the lease have onerous restrictions?