My solicitor has identified a a legal deficiency with the lease for the flat we are buying in Wombourne. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
I require fast conveyancing in Wombourne as I am under pressure to exchange contracts inside one month. A home loan is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not getting a mortgage you have the choice not to have searches conducted although no conveyancer would advise that you don't. With lots of history conveyancing in Wombourne the following are examples of what can be revealed and therefore affect future mortgageability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
I have been on the look out for a flat up to £245,000 and found one close by in Wombourne I like with open areas and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Wombourne in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated 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 could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
We're FTB’s - agreed a price, yet the selling agent told us that the vendor will only go ahead if we use the agent's chosen solicitors as they want an ‘expedited deal’. We would rather use a local solicitor accustomed to conveyancing in Wombourne
It is highly unlikely the vendors are driving this. If they desire ‘a quick sale', alienating a genuine purchaser is not the way to achieve this. Speak to the owners direct and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your preferred Wombourne conveyancing lawyers - not the ones that will earn the estate agent a commission or hit his conveyancing targets pre-set by head office.
I am in need of some leasehold conveyancing in Wombourne. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Wombourne - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a 2 bed flat in Wombourne, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Wombourne with a long lease are worth £175,000. The ground rent is £65 invoiced annually. The lease runs out on 21st October 2083
With only 58 years left to run the likely cost is going to span between £23,800 and £27,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
My conveyancers in Wombourne have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.