Our conveyancer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Tyldesley. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the lender 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 risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer 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 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.
The deeds to my home can not be found. The lawyers who dealt with the conveyancing in Tyldesley 5 years ago are no longer around. What are my next steps?
As long as you have a registered title the details of your ownership will be evidenced by the Land Registry with a Title Number. It is possible to execute a search at the Land Registry, find your property and order up to date copies of the Registered Entries for a small fee. Where the property is Leasehold then the Land Registry will in most cases retain a certified copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
About to purchase a new build flat in Tyldesley. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Tyldesley
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Tyldesley I like with amenity areas and station nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Tyldesley in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will likely be an issue. 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 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
What tools are available to locate a Tyldesley solicitor on the Nottingham Building Society conveyancing panel? I am a keen cyclist and am willing to travel upto 10kilometers to meet the lawyer.
Feel free to make use of the search on this website. Please choose the lender and your location and you will see a number of Tyldesley conveyancing lawyers locally. We have listed some Tyldesley conveyancing firms towards the end of this page and you can call them to see whether they are on the Nottingham Building Society member panel
What advice can you give us when it comes to choosing a Tyldesley conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Tyldesley conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Tyldesley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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How experienced is the firm with lease extension legislation? What volume of lease extensions have they completed in Tyldesley in the last 12 months?
I inherited a garden flat in Tyldesley, conveyancing was carried out October 2009. Can you work out an approximate cost of a lease extension? Equivalent flats in Tyldesley with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2105
With 80 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus 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 supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.