My lawyer has discovered a a problem with the lease for the apartment we are purchasing in Edenbridge. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must check that the mortgage company 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 lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
What is the first thing I need to know concerning purchase conveyancing in Edenbridge?
You may not hear this from too many lawyers but conveyancing in Edenbridge and elsewhere in Kent is often a confrontational process. Put another way, when it comes to conveyancing there exists plenty of opportunity for conflict between you and others involved in the ownership transfer. For instance, the seller, estate agent and on occasion a mortgage company. Appointing a solicitor for your conveyancing in Edenbridge should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the process whose role it is to protect your best interests and to keep you safe.
There is a worrying emergence of a "blame" culture- someone must be blamed for the process taking so long. We recommend that you must always trust your solicitor above the other players when it comes to the legal assignment of property.
My property lawyer in Edenbridge is not on the Lloyds TSB Bank Conveyancing Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Lloyds TSB Bank panel of approved conveyancing solicitors?
The limited options available to you here include:
- Carry on with your preferred Edenbridge lawyers but Lloyds TSB Bank will need to use a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing charges and cause delays.
- Get a new solicitor to act in the purchase, not forgetting to check they are on the Lloyds TSB Bank panel
What can a local search inform me concerning the house we're buying in Edenbridge?
Edenbridge conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Onsearch The local search is essential in every Edenbridge conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
Just had an offer accepted on a new build flat in Edenbridge. Conveyancing is a frightening process 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.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Edenbridge
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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? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I work for a long established estate agency in Edenbridge where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Edenbridge conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a 1 bedroom flat in Edenbridge, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Edenbridge with a long lease are worth £260,000. The ground rent is £45 per annum. The lease finishes on 21st October 2099
With 74 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 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 detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.