My solicitor has identified a defect with the lease for the property we are buying in Newcastle under Lyme. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must check that the lender is content 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 property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with 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 property lawyer will have no choice but to discontinue acting for you.
As someone not used to conveyancing in Newcastle under Lyme what is your top tip you can give me for the legal transfer of property in Newcastle under Lyme
You may not hear this from too many lawyers but conveyancing in Newcastle under Lyme and elsewhere in Staffordshire is often a confrontational experience. In other words, when it comes to conveyancing there is plenty of room for friction between you and others involved in the house moving process. E.g., the seller, selling agent and sometimes a lender. Selecting a solicitor for your conveyancing in Newcastle under Lyme an important selection as your conveyancer is your adviser, and is the ONLY person in the transaction whose role it is to protect your best interests and to keep you safe.
We are witnessing a distinct emergence in the "blame" culture- someone must be at fault for the process taking so long. You must always trust your lawyer above all other parties in the home moving process.
I'm purchasing a new build house in Newcastle under Lyme with the aid of help to buy. The builders would not reduce the price so I negotiated 6k of additionals instead. The estate agent told me not disclose to my conveyancer about the side-deal as it could affect my loan with Platform Home Loans Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Newcastle under Lyme is the location of the property. What do you suggest?
Flying freeholds in Newcastle under Lyme are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newcastle under Lyme you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newcastle under Lyme may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In sourcing the web for the term on line conveyancing in Newcastle under Lyme it reveals numerous conveyancerslocally. How do I determine which is the right property lawyer for me?
The best way of seeking a suitable conveyancer is through a trusted testimonial, so ask friends and family who have bought a property in Newcastle under Lyme or a local estate agent or financial adviser. Charges for conveyancing in Newcastle under Lyme differ, so it's a good idea to obtain a minimum of four fee calculations from varying types of conveyancers. Dont forget to clarify what costs in the quote includes.
What advice can you give us when it comes to choosing a Newcastle under Lyme conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Newcastle under Lyme conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Newcastle under Lyme conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in Newcastle under Lyme who can give a testimonial? If the firm is not ALEP accredited then what is the reason?
I bought a 1st floor flat in Newcastle under Lyme, conveyancing was carried out in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Newcastle under Lyme with a long lease are worth £170,000. The ground rent is £50 levied per year. The lease expires on 21st October 2103
With only 78 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.