My lawyer has discovered a defect with the lease for the apartment we are buying in Nailsea. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must check that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
Do the Building Society Association intend to launch a searchable register to list law firms on the Melton Mowbray Building Society conveyancing panel for instance in Nailsea?
We are not aware of any intention on the part of the BSA to promote such a register.
How does conveyancing in Nailsea differ for newly converted properties?
Most buyers of new build property in Nailsea come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Nailsea tend to 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 conveyancers 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 Nailsea or who has acted in the same development.
We are 17 days into a freehold purchase having been recommend to conveyancers by the selling agent to carry out the conveyancing in Nailsea. I am am very disappointed with the level of service. Can you you assist me in finding new conveyancers?
They would have to be really bad to suggest replacing them. Has the loan offer been generated? In the event that it has you need to make them aware of the new solicitor and have the loan are issued to the new lawyers. Your conveyancer needs to be on the banks approved list to avoid escalating charges and frustration. That should be your first question of the new conveyancers. Our find a solicitor tool can assist you in finding a bank approved lawyer for your home move in Nailsea
I am attracted to a two apartments in Nailsea both have in the region of forty five years remaining on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Nailsea is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Nailsea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a 1 bedroom flat in Nailsea, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Nailsea with a long lease are worth £186,000. The ground rent is £55 per annum. The lease runs out on 21st October 2078
With just 53 years unexpired we estimate the premium for your lease extension to span between £27,600 and £31,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other 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.
My step-father purchased his flat in Nailsea 7 years ago. He has got wed, divorced and has recently remarried. He now wishes to the sell the Nailsea property. I think he will simply be requested to supply copies of the marriage certificates to the solicitor but he is concerned it could delay the sale of the apartment. Is it worth updating the Land Registry details for the house?
The is no need to update the register as long as you have the proof needed to show how the change of name resulted.
Any buyer’s property lawyer will check the title details and need evidence to establish the change of name for example marriage certificates.