I plan on acquiring an apartment in Biddulph. My property lawyer is not listed on the mortgage company solicitor list. Can I still use my Biddulph conveyancing solicitor notwithstanding that they are excluded from the lender approved list?
Various options include
- Proceed with your existing Biddulph conveyancing practitioner but your bank will need to use a conveyancing practitioner on their conveyancing panel. The net result is additional fees together with potential frustration.
- Get a fresh lawyer to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your conveyancer to pull out all the stops to get listed on the mortgage company panel of solicitors
My conveyancer has identified a a problem with the lease for the property we are buying in Biddulph. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer 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 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.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Biddulph I like with a park and railway links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Biddulph suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I am selling my house. My past solicitors closed down. I am in need of a recommendation of a conveyancing firm. Im based in Biddulph if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in Biddulph. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Biddulph. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Biddulph ?
The majority of houses in Biddulph are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Biddulph so you should seriously consider shopping around for a Biddulph conveyancing practitioner and check that they have experience in dealing with 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 with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I bought a studio flat in Biddulph, conveyancing formalities finalised in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Biddulph with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2087
With only 62 years remaining on your lease we estimate the price of your lease extension to range between £17,100 and £19,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Is it the case that all Biddulph solicitors on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your high street lender branch in Biddulph. Chances are that they will be in a position to recommend some approved conveyancing solicitors in Biddulph