Our solicitor has uncovered a a legal deficiency with the lease for the apartment we are buying in Thetford. The other side have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the mortgage company is happy with this solution. Are we the client or is the bank?
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 requirements. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
My uncle pointed out to me me that in purchasing a property in Thetford there could be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of anumerous of properties in Thetford which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Thetford should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am buying a property in Thetford. An unusual aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Nottingham your lawyer must follow the conveyancing instructions outlined in Section two of UK Finance Lenders’ Handbook for Nottingham. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and lawyers are required to report to Nottingham where a lease does not comply with these conditions. The provisions relate to the installation of panels on properties countrywide and is not restricted to Thetford.
The formalities of my purchase has taken place for my property in Thetford. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
The deeds to our property are lost. The solicitors who conducted the conveyancing in Thetford 5 years ago no longer exist. Will I be able to sell the house?
Gone are the days when you need to have the physical original deeds to prove you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Thetford is where the house is located. Is there any guidance you can impart?
Flying freeholds in Thetford are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Thetford you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thetford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been advised by numerous property agents in Thetford to select a property lawyer on your site. Is there a financial inducement for Estate Agents to recommend your site ahead of another?
We don’t offer any referral fee for sending work in our direction. We thought it would be too underhand a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I would like to rent out my leasehold apartment in Thetford. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease dictates relations between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Thetford do not prevent subletting altogether – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I acquired a leasehold flat in Thetford, conveyancing having been completed 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Thetford with an extended lease are worth £190,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2088
You have 62 years remaining on your lease we estimate the price of your lease extension to range between £17,100 and £19,800 as well as 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 advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.