Our lawyer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Eaglescliffe. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the lender is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer 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 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 conveyancer will have no choice but to discontinue acting for you.
It has been three months since my purchase conveyancing in Eaglescliffe concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 asset 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.
I am buying a new build flat in Eaglescliffe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Eaglescliffe
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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 ground for flat up to £235,500 and identified one close by in Eaglescliffe I like with open areas and station nearby, however it only has 49 years on the lease. There is not much else in Eaglescliffe for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Completion is due on the sale of our £350,000 apartment in Eaglescliffe in just under a week. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Eaglescliffe?
Eaglescliffe conveyancing on leasehold maisonettes normally involves the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to assist. They are entitled to invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I acquired a ground floor flat in Eaglescliffe, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Eaglescliffe with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2083
With just 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 as well as costs.
The suggested premium range above 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 other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Are you able to clarify the aspects of conveyancing handled by Eaglescliffe conveyancing solicitors?
Almost all Eaglescliffe conveyancing organisations will offer a wide spectrum of legal advice to home and land proprietors, sellers, buyers, landlords and tenants which may include:
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Home sale conveyancing in Eaglescliffe and across the country
Home purchase conveyancing in Eaglescliffe and nationwide
Voluntary 1st registration of land Option and Lock-Out Agreements Probate sale conveyancing Council Home Right-to-Buy Scheme