Our lawyer has identified a defect with the lease for the flat we are purchasing in Sheringham. The other side have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must check that the lender is content 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 lender are the client. Your conveyancer 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 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.
I am purchasing a terraced house in Sheringham. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Sheringham you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Sheringham.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Sheringham building society branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Sheringham conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
As long as the lawyer is on the lender approved list, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After weeks of negotiation I have agreed a price on an apartment in Sheringham. My financial adviser suggested a conveyancing practitioner. I paid an upfront payment of £200. A few days later, the conveyancer contacted me embarrassingly acknowledging that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Our offer on a semi in Sheringham has been accepted, the vendors do nevertheless have a connected purchase. The owners have put an offer on on an apartment, however it’s not been accepted yet, and are looking at other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Sheringham. What do I do now? At what stage do I apply for the mortgage with Yorkshire BS?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then valuation, Sheringham conveyancing search costs, etc). The first course of action is to check that your property lawyer is on the Yorkshire BS approved list. As to the next stages this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. In a hot market the majority of buyers will apply for a home loan with Yorkshire BS and arrange for the valuation and only if it comes back ok would they pay their conveyancer to press on with searches.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a house in Sheringham? or Apparently there is a law dating back centuries that could mean that house owners living in a parish church boundary may be liable to pay for maintenance towards the chancel in proximity to the church. Is this suitable for conveyancing in Sheringham?
Unless a previous purchase of the property completed post 12 October 2013 you could expect solicitors conducting conveyancing in Sheringham to remain recommending a chancel search and or chancel repair liability insurance.
Are there restrictive covenants that are commonly picked up during conveyancing in Sheringham?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Sheringham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My wife and I may need to rent out our Sheringham 1st floor flat temporarily due to a new job. We instructed a Sheringham conveyancing firm in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Sheringham conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you need to obtain consent via your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of prior consent. Such consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I acquired a leasehold flat in Sheringham, conveyancing was carried out April 1996. How much will my lease extension cost? Corresponding flats in Sheringham with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2087
With 63 years remaining on your lease we estimate the premium for your lease extension to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.