My conveyancer has uncovered a a legal deficiency with the lease for the property we are buying in Adamsdown. The other side have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions 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 mortgage company are the client. The appropriate lender specifications must be adhered to.
I am in the process of mortgaging my apartment in Adamsdown, does my lawyer need to be on the Clydesdale Solicitor panel?
There is nothing to stop you using your solicitor, but Clydesdale will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am buying a new build flat in Adamsdown. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Adamsdown
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. 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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Adamsdown I like with open areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Adamsdown suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am a sole trader looking to lease a unit on a shopping parade. Can you recommend conveyancers offering no-move-no costs for non-domestic conveyancing in Adamsdown for under £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Adamsdown, including the disposal and acquisition of businesses as well as simply premises. Whether you are looking to buy or dispose of a shop, pub, restaurant, office, retail unit or a whole business we will find you the right lawyer. As for the costs this will depend on the structure and nuances of the deal. Let us have your details or call so as to enable us to supply you with comprehensive commercial conveyancing quote.
Should one as executor remove a departed person's name from the title deeds for a house in Adamsdown?
If a Adamsdown property is co-owned and one of the proprietors dies, the name will not immediately be removed from the Land Registry title. It is not necessary to remove their name as in the event of a sale your conveyancer would simply need to supply proof why the joint proprietor is not included in the transfer, normally this is in the form of a grant of probate.
With the aim of making the sale conveyancing smoother in the future you may apply to have the deceased name erased from the title by applying to HM Land Registry with proof of the death. There is no charge from the Registry for this service.