Our solicitor has uncovered a a problem with the lease for the property we are purchasing in Salcombe. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or 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 conveyancer 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 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.
I own a freehold premises in Salcombe but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Salcombe and has limited impact for conveyancing in Salcombe but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
What is the difference between a licensed conveyancer and conveyancing solicitor in Salcombe
There are two types of lawyers who can perform conveyancing in Salcombe namely CLC regulated conveyancers or solicitors. The two can provide the legal services that required to complete the sale or purchase of property. They are both required to execute Salcombe conveyancing to the same quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally conducted and that all requisite procedures should be appropriately taken.
Is there a list of Kent Reliance panel conveyancers in Salcombe on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association websites. Very few mortgage companies make their panel listings viewable online. Where you are in need of a Salcombe property lawyer on the Kent Reliance please make the most of our tool.
Last month we had a mortgage agreed in principle with Santander. Salcombe conveyancing practitioners are appointed. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander completed the valuation? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Due to the guidance of my in-laws I had a survey completed on a property in Salcombe in advance of retaining solicitors. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders may refuse to grant a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Salcombe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Salcombe to see if the conveyancing will be more expensive.
My uncle has recommend that I use his lawyers for conveyancing in Salcombe. Should I use them?
Much as we are happy to recommend a Salcombe conveyancing lawyer the ideal way to find a conveyancing lawyer is to have recommendations from friends or relatives who have actually previously instructed the solicitor that you are considering.
What are your top tips when it comes to appointing a Salcombe conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Salcombe conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Salcombe conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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What volume of lease extensions has the firm conducted in Salcombe in the last 12 months? If they are not ALEP accredited then why not?
Salcombe Leasehold Conveyancing - A selection of Queries Prior to buying
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Where a Salcombe lease has fewer than 80 years it will have adverse implications on the marketability of the apartment. Check with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. For most Salcombelease extensions you would be be obliged to have owned the property for two years in order to be entitled to exercise a lease extension. The answer will be useful as a) areas may result in problems for the building as the common areas may begin to deteriorate where services remain unpaid b) if the tenants have an issue with the running of the building you will need to have all the details In the main the outlay for major works are not built into the maintenance charges, albeit that a few managing agents in Salcombe obliged leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for larger repairs or maintenance.