Finally, a loan offer from NatWest for the remortgage of my single room garden flat is expected within the next few days. Are you able to recommend a cheap conveyancing solicitor in Berwick Upon Tweed?
You have arrived at the wrong place to search for the lowest fares for conveyancing solicitors in Berwick Upon Tweed. Our aim is to provide affordable conveyancing but we do not advertise as being the cheapest. Avoid the trap of appointing companies teasing you with ninety nine pound conveyancing in Berwick Upon Tweed. At best, in going for low cost conveyancing, you will get your money’s worth and at worst you will end up paying a lot in additional fees and still not receive the service expected.
Our lawyer has identified a a legal deficiency with the lease for the flat we are buying in Berwick Upon Tweed. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the bank is content with this solution. Who is the client here, us or the lender?
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 lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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 solicitor will have no choice but to discontinue acting for you.
Will our solicitor be making enquiries regarding flooding as part of the conveyancing in Berwick Upon Tweed.
Flooding is a growing risk for lawyers conducting conveyancing in Berwick Upon Tweed. There are those who purchase a property in Berwick Upon Tweed, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Berwick Upon Tweed. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to find out whether the property has suffered from flooding. In the event that flooding has previously occurred and is not notified by the owner, then a purchaser may issue a claim for damages resulting from an incorrect reply. The buyer’s lawyers will also commission an enviro search. This will higlight if there is any known flood risk. If so, further investigations will need to be carried out.
I have recentlybeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Berwick Upon Tweed for a purchase of a leasehold flat 12 months ago. How can I be sure that the property is registered correctly in the name of the former proprietor?
The quickest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Berwick Upon Tweed conveyancing specialists.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Berwick Upon Tweed is the location of the property. Can you offer any guidance?
Flying freeholds in Berwick Upon Tweed are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Berwick Upon Tweed you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Berwick Upon Tweed 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.
I am tempted by the attractive purchase price for a two flats in Berwick Upon Tweed which have about fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Berwick Upon Tweed is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under 75 years become less and less marketable. 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 property 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 Berwick Upon Tweed 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I invested in buying a basement flat in Berwick Upon Tweed, conveyancing formalities finalised 6 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Berwick Upon Tweed with an extended lease are worth £176,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2075
With just 50 years left to run we estimate the premium for your lease extension to range between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.