My lawyer has discovered a a problem with the lease for the flat we are purchasing in Alfriston. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised 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 bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 solicitor will have no choice but to discontinue acting for you.
How do I discover of the solicitor conducting my conveyancing in Alfriston is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Leeds Building Society thus spending £187.00 plus VAT in another set of legal charges.
Feel free to make use of the find a lender approved solicitor tool on this site. Please choose the mortgage company and type ‘Alfriston’ or your location and you will see a number of lawyer based in Alfriston or near you.
What does a local search tell me about the house I am buying in Alfriston?
Alfriston conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for instance PSG The local search plays an important role in many a Alfriston conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, no chain conveyancing. Alfriston is where the house is located. What do you suggest?
Flying freeholds in Alfriston are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Alfriston you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alfriston may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
As co-executor for the estate of my uncle I am selling a property in Neath but I am based in Alfriston. My conveyancer (based 250 kilometers from mehas requested that I sign a statutory declaration prior to completion. Could you suggest a conveyancing solicitor in Alfriston to witness and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are Alfriston based
I am attracted to a couple of flats in Alfriston both have approximately forty five years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
I inherited a 1st floor flat in Alfriston, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Alfriston with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2081
With just 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do 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 you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.