My lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Wavertree. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the lender 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 potential for a conflict of interest, you and the bank are the client. Your 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I am considering remortgaging my flat in Wavertree, does my lawyer have to be on the Coventry BS Conveyancing panel?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I bought my house on 12 August and my personal details is yet to be registered. Any reason for this? My conveyancing solicitor in Wavertree said it should be dealt with in less than a month. Are titles in Wavertree uniquely lengthy to register?
As far as conveyancing in Wavertree is concerned, registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether it is in order and whether the Land registry communicate with any interested parties. As of today in the region of 80% of such applications are fully addressed within two weeks but some can be subject to protracted delays. Registration takes place after the buyer is living at the property therefore an expedited registration is not usually primary concern yet where there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Wavertree I like with amenity areas and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Wavertree in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
What does commercial conveyancing in Wavertree cover?
Commercial conveyancing in Wavertree incorporates a broad range of advice, supplied by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I've recently bought a leasehold flat in Wavertree. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Wavertree Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? What is the maintenance charge and ground rent on the property? What is the name of the managing agents?