Our conveyancer has identified a defect with the lease for the property we are buying in Horwich. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company is willing to move forward 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 mortgage company are the client. Your conveyancing practitioner 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 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 property lawyer will have no choice but to discontinue acting for you.
We are planning to acquire a house and need a conveyancing solicitor in Horwich who is on the Barclays conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Barclays . We don't recommend any particular firms conducting conveyancing in Horwich.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Horwich. 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 are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Horwich
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Due to the advice of my in-laws I had a survey completed on a house in Horwich prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some banks tend refuse to grant a loan on a flying freehold property.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Horwich. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking into buying my first house which is in Horwich and I am already nervous. I couldn't find anything specific about Horwich. Conveyancing will be needed in due course but do you know about the Horwich area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Horwich. In the meantime here are some basic statistics that we found
I am looking at a couple of flats in Horwich both have approximately fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Horwich is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Horwich conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Horwich Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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How many years are left on the lease? What is the annual service fee and ground rent?