My solicitor has identified a defect with the lease for the property we are buying in Stocksfield. The other side have put forward 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 bank 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 conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender specifications have to be complied with.
My bid for a property was accepted at auction in Stocksfield. Conveyancing is needed. What are my next steps?
Now that you have for all intents and purposes signed on the dotted line you will need to appoint a conveyancing lawyer quickly as you will have a pending a fixed date to complete the deal. All auction property will have an associated auction pack. This should include most,if not all of the paperwork that your conveyancer requires. Where you are dealing with leasehold property the legal pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You need to give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds in order to complete on the date specified in the contract.
I am purchasing a property in Stocksfield. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Clydesdale be concerned?
As you are obtaining a mortgage with Clydesdale your lawyer must check the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Clydesdale. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Clydesdale where a lease does not comply with these requirements. The specifications relate to the installation of panels on properties nationwide and is not isolated to Stocksfield.
Our sealed bid on a property in Stocksfield has been accepted, but there is a chain. The vendors have offered on on an apartment, but it’s not yet agreed to, and are looking at other flats booked. I have selected a local conveyancing solicitor in Stocksfield. What do I do now? At what point should I apply for the mortgage with HSBC?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then valuation, Stocksfield conveyancing search fees, etc). First, you must ensure that your conveyancer is on the HSBC approved list. As to the next stages this very much depends on the uniqueness of your transaction, desire for the property and on the state of the market. During a hot market some purchasers will apply for the mortgage with HSBC and arrange for the valuation and only if it comes back ok would they request their property lawyer to proceed with the conveyancing in Stocksfield.
I am purchasing a property and the solicitor has raised the issue of Chancel Repair to which the house could be obligated to pay because it falls into the area of such a church. She has recommended insurance. Is this strictly necessary for conveyancing in Stocksfield
Unless a previous acquisition of the house completed post 12 October 2013 you could assume that conveyancing practitioners carrying out conveyancing in Stocksfield to continue to recommend a chancel search and or chancel repair liability insurance.
The estate agent has sent us the confirmation of our purchase of a new build flat in Stocksfield. Conveyancing is necessary evil 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 are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stocksfield
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
We are 3 weeks into a leasehold purchase having been recommend to solicitors by the estate agent to perform conveyancing in Stocksfield. I am not happy. Could you you assist me in finding new conveyancers?
They would need to be really poor in order to consider diss instructing them. Has the loan offer been sent? In the event that it has you must advise them of the new conveyancer and get the loan are re-sent. Your solicitor ideally should be on the lenders approved list to avoid supplemental expenses and delays. So that should be your starting point. The find a solicitor tool will help you find a lender approved lawyer for your home move in Stocksfield
I am tempted by the attractive purchase price for a two flats in Stocksfield which have about fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Stocksfield is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stocksfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Stocksfield Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Plenty Stocksfield leasehold flats will incur a service bill for the upkeep of the block invoiced on behalf of the landlord. If you acquire the apartment you will have to meet this contribution, usually periodically during the year. This can differ from several hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a rentcharge for you to pay annual, normally this is not a significant figure, say around £50-£100 but you should to check it because occasionally it could be prohibitively expensive. For many Stocksfield leaseholds the outlay for major works tend not to be built into the service charges, although a few managing agents in Stocksfield obliged leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for larger works. How is the lease structured?