My lawyer has identified a defect with the lease for the apartment we are purchasing in St Mawes. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer says that he must ensure that the lender is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of 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 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 lawyer will have no choice but to discontinue acting for you.
We are buying a property and require a conveyancing solicitor in St Mawes who is on the Virgin Money solicitor panel. Can you recommend a local conveyancing 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 Virgin Money . We don't recommend any particular firms conducting conveyancing in St Mawes.
Are the BSA planning on creating a search tool with a view to list practices on the Loughborough BS conveyancing panel for instance in St Mawes?
We have not been informed any plans on the part of the BSA to promote such a register.
When it comes to lenders such as Clydesdale, do St Mawes conveyancing practitioners have to pay a fee to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Is it the case that all St Mawes solicitor practices on the RBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many banks do list licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
We were going to get a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any St Mawes solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint St Mawes solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in St Mawes I like with open areas and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in St Mawes suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in St Mawes. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in St Mawes are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. It is clear that you are buying in St Mawes so you should seriously consider looking for a St Mawes conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
I purchased a 1 bedroom flat in St Mawes, conveyancing was carried out September 2011. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in St Mawes with an extended lease are worth £190,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2085
With just 61 years left to run we estimate the price of your lease extension to be between £18,100 and £20,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.