My conveyancer has uncovered a a legal deficiency with the lease for the property we are buying in Penzance. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancer will have no choice but to discontinue acting for you.
Will commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Penzance?
Many commercial conveyancing solicitors in Penzance will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Penzance. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Penzance.
For each commercial conveyancing transaction in Penzance it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Penzance commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Penzance.
I have justdiscovered that Stirling Law have closed. They conducted my conveyancing in Penzance for a purchase of a leasehold flat 18 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The easiest method to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Penzance conveyancing specialists.
In what way does the Landlord & Tenant Act 1954 affect my commercial offices in Penzance and how can you help?
The particular law that you refer to provides protection to business lessees, granting the legal entitlement to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Penzance is one of the many areas of the UK in which the firms we work with are based
I have been sourcing a conveyancing solicitor in Penzance for my remortgage. Is it possible to review a solicitor's complaints history with the legal regulator?
You can find documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. For records about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA sometimes monitor call for training reasons.
What are your top tips when it comes to finding a Penzance conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Penzance conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Penzance conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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If they are not ALEP accredited then why not?
I purchased a 1 bedroom flat in Penzance, conveyancing having been completed January 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Penzance with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 2087
With only 62 years unexpired we estimate the price of your lease extension to be between £17,100 and £19,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.