My lawyer has uncovered a a problem with the lease for the flat we are purchasing in Trearddur Bay. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the bank is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer 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 property lawyer will have no choice but to discontinue acting for you.
Are the BSA intent on creating a online directory to list firms on the Loughborough BS conveyancing panel for instance in Trearddur Bay?
We would not expect to be advised of any intention on the part of the BSA to develop such a tool.
A colleague advised me that where I am buying in Trearddur Bay I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Trearddur Bay conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Trearddur Bay around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning Trearddur Bay.
It has been 3 months following my purchase conveyancing in Trearddur Bay concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently bought a leasehold house in Trearddur Bay. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in Trearddur Bay, conveyancing having been completed April 2000. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Trearddur Bay with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease comes to an end on 21st October 2081
With only 57 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as legals.
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 in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
I am due to assess estimates for conveyancing in Trearddur Bay from various solicitor and appoint one. Should I get them to hold tight until I have found somewhere to acquire.
We would recommend that you only get your conveyancer to commence work and order searches after the sales memo has been issued by the selling agent especially as Trearddur Bay conveyancing searches are costly.