Our lawyer has identified a a legal deficiency with the lease for the property we are buying in Sherwood. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer 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 ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. The appropriate lender requirements must be adhered to.
As a first time buyer what is the most important advice you can impart concerning purchase conveyancing in Sherwood?
Not many law firms or advisers will tell you this but conveyancing in Sherwood and elsewhere in Nottinghamshire is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for confrontation between you and other parties involved in the home moving process. E.g., the vendor, property agent and on occasion the lender. Selecting a solicitor for your conveyancing in Sherwood an important selection as your conveyancer is your adviser, and is the ONE party in the process whose interest is to act in your best interests and to keep you safe.
On occasion a potential adversary will try and persuade you that you should follow their advice. As an example, the estate agent may claim to be assisting by suggesting your solicitor is dragging his heels. Or your financial adviser may tell you to do something that is contrary to your conveyancers guidance. You should always trust your lawyer above all other parties in the home moving process.
The deeds to our property can not be found. The solicitors who conducted the conveyancing in Sherwood 5 years ago are no longer around. Will I be able to sell the house?
Nowadays there are duplicates made of almost everything, and your solicitor will be aware exactly where to look for all the relevant paperwork so you may buy or sell your property without a hitch. Where copies are not available, your conveyancer can put in place insurance or indemnities against future claims on the property.
I am buying a new build flat in Sherwood. Conveyancing is a frightening process 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 few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Sherwood
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My husband and I are novice buyers - had an offer accepted, but the agent told us that the vendor will only issue a contract if we instruct their preferred lawyers as they want a ‘quick sale’. My instinct tells me that we should use a family solicitor used to conveyancing in Sherwood
It is highly unlikely the vendors are behind this. Should the seller desire ‘a quick sale', turning down a genuine buyer is is going to put the whole deal at risk. Contact the owners directly and explain that (a)you are genuine purchasers (b)you are ready to progress, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you intend to instruct your own,trusted Sherwood conveyancing firm - rather thanthe ones that will give the estate agent a kickback or meet his conveyancing targets set by HQ.
What are your top tips when it comes to appointing a Sherwood conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Sherwood conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Sherwood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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Can they put you in touch with clients in Sherwood who can give a testimonial? How experienced is the practice with lease extension legislation?
I bought a studio flat in Sherwood, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Sherwood with a long lease are worth £196,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2089
With just 64 years unexpired we estimate the premium for your lease extension to span between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.