My solicitor has discovered a a legal deficiency with the lease for the flat we are purchasing in Great Sankey. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their specifications 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 lender are the client. These conveyancing instructions have to be complied with.
Do commercial conveyancing searches disclose planned roadworks that may impact a commercial land in Great Sankey?
Many commercial conveyancing solicitors in Great Sankey will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Great Sankey. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Great Sankey.
For every commercial conveyancing transaction in Great Sankey it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Great Sankey commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Great Sankey.
I am buying my first flat in Great Sankey benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The property agent advised me not to tell my lawyer about this extras as it will put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a property in Great Sankey before retaining conveyancers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders tend refuse to grant a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Great Sankey. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Great Sankey to see if the conveyancing costs will increase in light of this.
My business partner and I are intending to take over a lease of a shop on the high street. Can you recommend lawyers offering competitive costs for non-domestic conveyancing in Great Sankey for below £1,200?
We can recommend firms who host a wealth of experience of commercial conveyancing in Great Sankey, including the sale and purchase of businesses as well as simply premises. If you are hoping to purchase or lease a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right firm. As for the fees these will vary based on the structure and nuances of the deal. Please provide us with your contact information or email so as to enable us to furnish you with comprehensive commercial conveyancing calculation.
Can you offer any advice when it comes to choosing a Great Sankey conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Great Sankey conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Great Sankey conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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How many lease extensions has the firm conducted in Great Sankey in the last twenty four months? How familiar is the firm with lease extension legislation?
I purchased a 2 bed flat in Great Sankey, conveyancing formalities finalised in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Great Sankey with a long lease are worth £197,000. The ground rent is £55 yearly. The lease terminates on 21st October 2079
You have 55 years remaining on your lease we estimate the premium for your lease extension to span between £31,400 and £36,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues 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 placing reliance on this information before getting professional advice.