Our lawyer has identified a a legal deficiency with the lease for the property we are purchasing in Pevensey. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the bank 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 conditions. You and the bank are the client. The appropriate lender provisions must be adhered to.
Do banks and building societies provide you with an approved list of Pevensey conveyancing solicitors? How do you know who is on the Santander conveyancing panel?
Pevensey conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
I am considering applying for a Virgin Money mortgage for purchase of a newly converted (under development) in Pevensey with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Virgin Money ?
In theory, you could use a solicitor that is not on the Virgin Money conveyancing panel, but Virgin Money would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I bought my house on 2 March and the transaction details is not yet registered. Any reason for this? My conveyancing solicitor in Pevensey said it should be concluded inside ten days. Are properties in Pevensey uniquely lengthy to register?
As far as conveyancing in Pevensey registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can adjust according to who lodges the application, whether it is in order and whether the Land registry communicate with any interested persons or bodies. At present roughly three quarters of such applications are completed within 12 days but some can be subject to extensive delays. Historically registration takes place once the purchaser is living at the property so post completion formalities is not typically top priority but if there is a degree of urgency associated with the registration then you or your lawyers can contact the land registry and explain the circumstances.
I opted to have a survey completed on a property in Pevensey in advance of retaining solicitors. I have been told that there is a flying freehold element to the property. The surveyor has said that some lenders will not grant a loan on this type of premises.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you contact us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Pevensey. Conveyancing will be smoother if you use a solicitor in Pevensey especially if they are accustomed to such properties in Pevensey.
I am in need of some leasehold conveyancing in Pevensey. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Pevensey - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a basement flat in Pevensey, conveyancing having been completed 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Pevensey with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2083
With only 58 years remaining on your lease we estimate the premium for your lease extension to range between £22,800 and £26,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.