My conveyancer has uncovered a a problem with the lease for the property we are purchasing in Worcester. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the mortgage company 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 lender are the client. Your solicitor 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 lender 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 have todaybeen informed that Wolstenholmes have closed. They carried out my conveyancing in Worcester for a purchase of a leasehold apartment 18 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The quickest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Worcester conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build flat in Worcester. 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.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Worcester
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I decided to have a survey done on a house in Worcester ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies will not grant a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Worcester. Conveyancing may be slightly more expensive based on your lender's requirements.
I am employed by a busy estate agency in Worcester where we see a few leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Worcester conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Worcester Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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Its a good idea to discover as much as you can about the company managing the block as they will either make living at the property much simpler or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to day to day issues such as the tidiness of the communal areas. You should not be shy to ask prospective neighbours whether they are happy with their management. Finally, investigate as to the dates that you are obliged pay the service charge to the relevant party and precisely what it includes. Please note if it is no more than eighty years it will affect the salability of the apartment. Check with your lender that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. For most Worcesterlease extensions you would be be obliged to have been the owner of the property for 24 months before you are legally able to carry out a lease extension.
I have recently had an offer accepted on an apartment in Worcester and the broker that we are dealing with recommended his conveyancer. She quoted £800 including VAT and disbursements. Does this sound steep?
Don't just go on a single estimate. One should obtain like-for-like quotes for your conveyancing in Worcester. Then select one that you trust and crucially, is on the approved panel of the lender that you are sourcing your mortgage from.