My lawyer has discovered a defect with the lease for the apartment we are purchasing in Stratford Upon Avon. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must check that the mortgage company is content 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 bank 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 bank 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 explain why leasehold purchase conveyancing in Stratford Upon Avon costs more?
Stratford Upon Avon leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Stratford Upon Avon. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Aldermore will insist on your using a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
I am looking for a flat up to £235,500 and identified one close by in Stratford Upon Avon I like with a park and transport links in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Stratford Upon Avon in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
In what way can the Landlord & Tenant Act 1954 impact my business property in Stratford Upon Avon and how can your lawyers assist?
The 1954 Act provides protection to commercial lessees, giving them the dueness to apply to court for a renewal tenancy and continue in occupation when the lease reaches an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Stratford Upon Avon
Is it best to instruct a Stratford Upon Avon conveyancing practitioner who is local to the property I am buying? I have an old university friend who can carry out the legal formalities but they are based 400kilometers away.
The benefit of a high street Stratford Upon Avon conveyancing practice is that you can attend the office to sign documents, deliver your ID and apply pressure on them where appropriate. They will also have local insight which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and on the whole were happy that should surpass using an unfamiliar Stratford Upon Avon conveyancing lawyer just because they are Stratford Upon Avon based.