Our conveyancer has discovered a defect with the lease for the flat we are purchasing in Silsworth. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. 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 conveyancer will have no choice but to discontinue acting for you.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Barclays Solicitor panel ahead of completing my conveyancing in Silsworth?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My wife and I have organised a further advance on our mortgage from UBS as we want to carry out renovations to our house in Silsworth. Do we need to choose a nearby Silsworth solicitor on the UBS conveyancing panel to deal with the paperwork?
UBS would not normally require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS list.
I have decided to exercise my right to buy my property in Silsworth off the council. I have a mortgage agreed with Nationwide. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
It is not clear whether my lender requires a lease extension. I have telephoned my Silsworth bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Silsworth conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I have no idea who is right.
Provided that the property lawyer is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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.
Do commercial conveyancing searches reveal planned roadworks that could impact a commercial premises in Silsworth?
Many commercial conveyancing solicitors in Silsworth will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Silsworth. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Silsworth.
For each commercial conveyancing transaction in Silsworth it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can result in delays to Silsworth commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Silsworth.
In what way can the Landlord & Tenant Act 1954 impact my business offices in Silsworth and how can your lawyers assist?
The 1954 Act provides security of tenure to commercial tenants, granting the a statutory right to apply to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Silsworth
Harry (my fiance) and I may need to let out our Silsworth garden flat for a while due to a career opportunity. We used a Silsworth conveyancing practice in 2004 but they have closed and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs relations between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Silsworth do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I inherited a garden flat in Silsworth, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Silsworth with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2098
With just 73 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 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 provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.