My solicitor has uncovered a defect with the lease for the apartment we are purchasing in Stockport. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer says 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 ?
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 requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I am in the process of remortgaging my flat in Stockport, does my lawyer have to be on the Coventry BS Solicitor panel?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have been told that property searches are the main cause of hinderance in Stockport conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Stockport.
I have been on the look out for a leasehold apartment up to £195,000 and identified one close by in Stockport I like with a park and railway links nearby, the downside is that it only has 61 years on the lease. There is not much else in Stockport in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan that many years may be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Is it simple use your search app to select a conveyancing practitioner in Stockport on the approved list for my bank?
Step one is to select a bank such as Halifax, Skipton Building Society or Clydesdale then type in your preferred area such as Stockport. Conveyancing organisations in Stockport and across England and Wales should be identified.
Do you have any top tips for leasehold conveyancing in Stockport with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Stockport can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers. Some Stockport leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Organising a duplicate share certificate can be a time consuming process and frustrates many a Stockport home move. If a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this sooner rather than later. You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
Stockport Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying
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It would be wise to find out as much as you can regarding the company managing the building as they will either make your life much simpler or much more difficult. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the communal areas. Don't be shy to ask prospective neighbours whether they are happy with their management. Finally, investigate as to the dates that the service fees are due to the managing agents and specifically what it includes. Is there a share of the freehold? This question is useful as a) areas can result in problems in the block as the communal areas may begin to deteriorate if services remain unpaid b) if the tenants have an issue with the managing agents you will want to know about it