My conveyancer has uncovered a defect with the lease for the property we are buying in Winchcombe. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
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 conveyancer 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.
As someone not used to conveyancing in Winchcombe what’s the number one tip you can impart concerning the home moving process in Winchcombe
Not many law firms or advisers will tell you this but conveyancing in Winchcombe and elsewhere in Gloucestershire is an adversarial process. Put another way, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and other parties involved in the home moving process. For instance, the seller, estate agent and even potentially a mortgage company. Choosing a law firm for your conveyancing in Winchcombe should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the legal process whose responsibility is to protect your best interests and to keep you safe.
There is a worrying creep of a "blame" culture- someone has to be at fault for the process taking so long. We recommend that you should always trust your conveyancer ahead of all other players in the home moving process.
We are purchasing a property and the solicitor has mentioned Chancel Repair to which the house may be liable because it falls into the area of such a church. He has mentioned insurance. Is this strictly necessary for conveyancing in Winchcombe
Unless a prior acquisition of the property took place post 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in Winchcombe to continue to recommend a chancel search and or chancel repair liability insurance.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Winchcombe is the location of the property. Is there any guidance you can impart?
Flying freeholds in Winchcombe 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 Winchcombe you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Winchcombe may determine 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 residence.
Am I best advised to use a Winchcombe conveyancing practitioner who is local to the property I am hoping to buy? An old friend can deal with the legal work however they are based approximately 350kilometers drive away.
The primary upside of using a local Winchcombe conveyancing practice is that you can visit the firm to sign documents, present your identification documents and apply pressure on them where appropriate. Having local Winchcombe know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and in the main were content that should trump using an unknown Winchcombe conveyancing lawyer solely due to them being round the corner.
Can you provide any advice for leasehold conveyancing in Winchcombe from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Winchcombe can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers’ conveyancers. The majority of landlords or Management Companies in Winchcombe levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Winchcombe. Some Winchcombe leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Winchcombe leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such works. Should you dont have the consents to hand do not communicate with the landlord without checking with your solicitor first.
I bought a basement flat in Winchcombe, conveyancing having been completed in 2007. How much will my lease extension cost? Similar flats in Winchcombe with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2101
With 77 years left to run we estimate the premium for your lease extension to be between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.