My lawyer has identified a a legal deficiency with the lease for the flat we are purchasing in Cheetham. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company 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 potential for a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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 property lawyer will have no choice but to discontinue acting for you.
Should my solicitor be raising questions concerning flooding as part of the conveyancing in Cheetham.
The risk of flooding is if increasing concern for solicitors dealing with homes in Cheetham. There are those who purchase a house in Cheetham, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a number of searches that can be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Cheetham. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out whether the premises has ever been flooded. In the event that the property has been flooded in past and is not notified by the seller, then a purchaser could commence a compensation claim stemming from an inaccurate reply. The buyer’s solicitors will also order an environmental search. This will reveal whether there is any known flood risk. If so, further inquiries will need to be carried out.
2 months have gone by following my purchase conveyancing in Cheetham completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build flat in Cheetham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Cheetham
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I have been on the look out for a flat up to £245,000 and found one near me in Cheetham I like with a park and station in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Cheetham suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Do I have to pop into the offices of the bank conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Cheetham as it will be easier to pop in to their offices if necessary.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Cheetham.