My solicitor has uncovered a defect with the lease for the property we are buying in Reigate. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their specifications 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 lender are the client. The appropriate lender provisions must be adhered to.
Will our conveyancer be asking questions regarding flooding during the conveyancing in Reigate.
The risk of flooding is if increasing concern for solicitors dealing with homes in Reigate. Some people will acquire a property in Reigate, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a numerous checks that can be initiated by the purchaser or by their conveyancers which can figure out the risks in Reigate. The conventional set of information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to find out whether the premises has ever been flooded. In the event that the premises has been flooded in past which is not revealed by the owner, then a purchaser could bring a legal claim for losses stemming from an inaccurate response. The buyer’s conveyancers may also conduct an enviro search. This should disclose if there is any known flood risk. If so, further investigations should be carried out.
I am buying a new build flat in Reigate. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Reigate
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Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Do I need to be suspicious by estate agents that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street Reigate conveyancing firm?
As with many service providers, often input from family and friends can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may suggest solicitors to use. On occasion the lawyers might be known to one of the organisations as being good in their field, but sometimes there might be a financial incentive behind the recommendation. You are free to select your own lawyer. However, bear in mind that some mortgage providers specify a panel list of lawyers you must use for the lender related work in your conveyancing.
I need to find a conveyancing solicitor for some conveyancing in Reigate. I've chance upon a site which appears to be the perfect offering If it is possible to get all the legals completed via email that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Do you have any advice for leasehold conveyancing in Reigate from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Reigate can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers’ representatives. A minority of Reigate leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. Many landlords or Management Companies in Reigate levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Reigate. If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Organising a replacement share certificate is often a time consuming process and slows down many a Reigate home move. If a new share certificate is required, do contact the company officers or managing agents (where applicable) for this as soon as possible. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.
I acquired a split level flat in Reigate, conveyancing was carried out half a dozen years ago. 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 properties in Reigate with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2101
With only 76 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range 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 without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.