Our conveyancer has identified a a problem with the lease for the flat we are purchasing in Billesdon. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property 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 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 property lawyer will have no choice but to discontinue acting for you.
It is a dozen years since I purchased my property in Billesdon. Conveyancing solicitors have now been appointed on the sale but I can't locate my title deeds. Is this a problem?
You need not be too concerned. First the deeds may be kept by the lender or they could still be with the lawyers who acted in the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. The vast majority of conveyancing in Billesdon involves registered property but in the rare situation where your home is not registered it is more of a problem but is not insurmountable.
I am purchasing a semi-detached house in Billesdon. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Billesdon you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Billesdon.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Billesdon is the location of the property. Can you offer any guidance?
Flying freeholds in Billesdon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Billesdon you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Billesdon 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 residence.
What advice can you give us when it comes to finding a Billesdon conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Billesdon conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Billesdon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
How many lease extensions have they conducted in Billesdon in the last twenty four months? What are the legal fees for lease extension conveyancing?
I bought a basement flat in Billesdon, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Billesdon with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2093
You have 70 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should 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.
What is the reason for new build conveyancing in Billesdon being more expensive?
Conveyancing in Billesdon for newly converted or new build premises can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further investigations and contractual considerations.