Our lawyer has identified a a problem with the lease for the property we are buying in Windermere. 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 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 bank are the client. Your conveyancer 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 solicitor will have no choice but to discontinue acting for you.
I purchased a freehold house in Windermere yet charged rent, why is this and what is this?
It’s unusual for properties in Windermere and has limited impact for conveyancing in Windermere but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I require fast conveyancing in Windermere as I have an ultimatum to complete in less than one month. Fortunately I do not need a mortgage. Can I escape the need for conveyancing searches to save money and time?
If.Given you are not taking a home loan you are at free not to do searches although no law firm would recommend that you don't. Drawing on years of experience of conveyancing in Windermere the following are instances of what can be revealed and therefore impact the marketability of the property: Refused Planning Applications, Overdue Fees, Outstanding Grants, Railway Schemes,...
I own a renovated Edwardian property in Windermere. Conveyancing practitioner acted for me and TSB. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Windermere and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with your conveyancing solicitor who completed the work.
Do you have any top tips for leasehold conveyancing in Windermere with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Windermere can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers. If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate can be a lengthy formality and frustrates many a Windermere home move. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Windermere leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord approving such alterations. Should you dont have the consents in place you should not communicate with the landlord without contacting your conveyancer in the first instance.
I bought a basement flat in Windermere, conveyancing was carried out April 2004. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Windermere with an extended lease are worth £255,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2098
With only 73 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Please set out some of compelling benefits to instructing a high street property lawyer in Windermere
Home movers in Windermere prefer a local solicitor so that they can visit if they have questions, and to deliver mortgage deeds rather than run the risk of depending on the post.
One could suggest that there is a slight advantage in using a conveyancing practitioner local to a house you are buying, due to the familiarity of the region and possible local issues - nevertheless this is debatable. Many conveyancers carry out their communications online and could be practically anywhere.