My lawyer has discovered a a legal deficiency with the lease for the apartment we are purchasing in Potswood. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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 solicitor will have no choice but to discontinue acting for you.
three months have elapsed since my purchase conveyancing in Potswood completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Potswood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Potswood
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am 14 days into a leasehold purchase having been directed to solicitors by the local agent to execute conveyancing in Potswood. I am not happy. Can you help me find new conveyancers?
They would need to be really poor in order to consider changing them. Has your mortgage been generated? If so you must advise them of the new contact details and ensure the offer are re-issued. The solicitor ideally should be on the banks approved list to avoid escalating charges and complications. So that should be your starting point. The find a solicitor tool will help you find a bank approved solicitor for your home move in Potswood
I am attracted to a couple of maisonettes in Potswood both have approximately fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Potswood. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I own a ground floor flat in Potswood, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Potswood with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease expires on 21st October 2085
With just 60 years remaining on your lease we estimate the price of your lease extension to span between £20,000 and £23,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
I happen to be an executor of my recently deceased mum’s Will, with a bungalow in Potswood which is to be sold. The property is unregistered at HMLR and I'm told that some estate agents will insist that it is completed before they will proceed. What's the procedure for this?
In the circumstances that you have set out it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.