My solicitor has uncovered a a problem with the lease for the property we are purchasing in Barrow In Furness. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must be satisfied that the mortgage company is content 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 mortgage company are the client. Your property lawyer 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
My relative recommended that where I am buying in Barrow In Furness I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Barrow In Furness conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Barrow In Furness around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Barrow In Furness.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Barrow In Furness is the location of the property. What do you suggest?
Flying freeholds in Barrow In Furness are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Barrow In Furness you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barrow In Furness may decide 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.
I have been recommended by numerous selling agents in Barrow In Furness to get a quote from a conveyancer on your site. Is there a financial incentive for Estate Agents to recommend your site ahead of a competitor’s?
We don’t offer any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Barrow In Furness. I happened to discover a site which seems to have the perfect offering If there is a chance to get all formalities done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Barrow In Furness. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Barrow In Furness ?
Most houses in Barrow In Furness are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Barrow In Furness so you should seriously consider shopping around for a Barrow In Furness conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I bought a ground floor flat in Barrow In Furness, conveyancing having been completed December 2001. 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 Barrow In Furness with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease expires on 21st October 2082
With just 60 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.