Our lawyer has identified a a problem with the lease for the flat we are buying in Turvey. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must check that the bank is happy with this solution. Who is the client here, us or the lender?
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 property lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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 lawyer will have no choice but to discontinue acting for you.
Do banks and building societies provide you with an approved list of Turvey conveyancing solicitors? How do you know who is on the Nationwide conveyancing panel?
Turvey conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
Forgive me if this question is silly but I am wet behind the ears as FTB of a two bedroom flat in Turvey. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will appoint a High Street conveyancing solicitor in Turvey?
On the day of completion you will not be required to go to the conveyancers office in Turvey. Your solicitors will arrange to send the purchase money to the owner’s solicitors, and once they have received this, you should be invited to receive the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
My wife and I are in the throws of viewing flats in Turvey and I am now considering a potential offer. Is it advisable to have a solicitor on ‘stand by’? I will be getting a home loan with UBS.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
I was told two weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Turvey is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
A friend recommended that if I am purchasing in Turvey I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Turvey conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Turvey 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 Property Price, Crime details, Turvey Education with maps and statistics, Local Amenities and other useful information about Turvey.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Turvey I like with open areas and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Turvey suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I have recently realised that I have Fifty years unexpired on my lease in Turvey. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. For most situations a specialist may be useful to carry out a search and to produce a report which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Turvey.
I acquired a 1st floor flat in Turvey, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Turvey with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2089
With 63 years unexpired the likely cost is going to be between £16,200 and £18,600 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.