My solicitor has identified a a legal deficiency with the lease for the property we are buying in Swanage. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must check that the mortgage company is happy 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 solicitor 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 property lawyer will have no choice but to discontinue acting for you.
When will exchange of contracts happen for domestic conveyancing in Swanage and do I need to attend the solicitors branch?
Where you are local to one of the conveyancing solicitors in Swanage you are welcome to come in to sign documents. That being said, the lender approved solicitors we recommend provide a national conveyancing service and give just as diligent and professional a job for you when dealing with you digitally. The executing of the sale agreement is not the important part. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Swanage)to be in the office available at the end of the phone to exchange contracts.
Our lender has suggested solicitors on their panel based in Swanage but I would rather choose a conveyancing lawyer in Swanage or nearer to where I live. Can you assist?
The minority of Swanage conveyancing practices are listed all lender’s conveyancing panel. Use the above search tool to choose a Swanage conveyancing conveyancer on the on the mortgage company panel.
I am buying a 4 bedroom semi-detached house in Swanage. Our aim is to carry out an extension to the side at the house.Will the conveyancing process include investigations to ascertain if these works are allowed?
Your conveyancer should review the registered title as conveyancing in Swanage will sometimes identify restrictions in the title deeds which prevent certain alterations or necessitated the consent of another owner. Certain additions call for local authority planning permissions and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
I can not work out if my lender requires a lease extension. I have called my Swanage building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Swanage conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their published requirements. I have no idea who is right.
The conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Skipton have agreed my home loan in principle, my bid on a property in Swanage has been accepted, now what?
Your property agent will need to be informed of your conveyancing practitioner's details (ensure that the solicitors are on the bank’s panel). Contact Skipton or your broker and finish off any relevant paperwork. Skipton will appoint a valuer who will get in contact with the selling agent or owners to book an appointment. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Skipton will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Swanage.
I need to instruct a conveyancing practitioner in Swanage for my home move. Is there any facility to see a solicitor's complaints history with the profession’s regulator?
Anyone can read published Solicitor Regulator Association (SRA) determinations arising from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA may recorded call for training reasons.
I am tempted by the attractive purchase price for a two flats in Swanage both have in the region of 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Swanage is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat 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 a residence 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 Swanage 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
I inherited a split level flat in Swanage, conveyancing having been completed 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Swanage with an extended lease are worth £185,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2085
You have 60 years left to run we estimate the price of your lease extension to span between £20,000 and £23,000 as well as 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 in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account 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.