My lawyer has uncovered a a problem with the lease for the flat we are purchasing in Chelmsford. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must ensure that the mortgage company is happy with this solution. Are we the client or is 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 solicitor 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I am buying a new build house in Chelmsford with the aid of help to buy. The builders refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about the side-deal as it will put at risk my mortgage with Godiva Mortgages Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Chelmsford is where the house is located. What do you suggest?
Flying freeholds in Chelmsford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chelmsford you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chelmsford 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.
My business partner and I are wishing to lease a unit on the high street. Can you recommend lawyers offering no-move-no costs for commercial conveyancing in Chelmsford for under 2k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Chelmsford, including the sale and acquisition of businesses as well as simply property. Whether you are intending to purchase or lease a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right firm. As for the costs these will vary based on the structure and heads of terms of the deal. Let us have your contact information or telephone so as to enable us to supply you with a fixed commercial conveyancing quote.
Looking forward to sign contracts shortly on a garden flat in Chelmsford. Conveyancing solicitors have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Chelmsford should include some of the following:
Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? You need to be advised what constitutes a Nuisance as far as the lease is concerned Are you allowed to have a pet in the flat? The unexpired lease term. You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I purchased a 2 bed flat in Chelmsford, conveyancing formalities finalised in 2008. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Chelmsford with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2086
With 64 years unexpired we estimate the price of your lease extension to be between £15,200 and £17,600 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
I am an executor of my recently deceased mother’s Will, with a property in Chelmsford which will be marketed. The house is unregistered at HMLR and I'm advised that many purchasers will insist that it is done before they will proceed. What's the mechanism for this?
In the situation that you have set out it seems prudent to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.