My lawyer has uncovered a a legal deficiency with the lease for the flat we are purchasing in Farnham Common. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer 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 property lawyer will have no choice but to discontinue acting for you.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Farnham Common. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 21/7/2024, the requirements read as follows :
Hoping to buy a property located in Farnham Common and I am already nervous. I couldn't find anything specific about Farnham Common. Conveyancing will be needed in due course but do you know about the Farnham Common area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Farnham Common. In the meantime here are some basic statistics that we found
I am looking for a conveyancing practitioner in Farnham Common for my house move. Is it possible to review a solicitor's record with the legal regulator?
Anyone may read documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The SRA sometimes monitor call for training requirements.
Frank (my husband) and I may need to let out our Farnham Common basement flat temporarily due to a new job. We used a Farnham Common conveyancing practice in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Farnham Common do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I bought a 2 bed flat in Farnham Common, conveyancing having been completed in 2008. 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? Corresponding properties in Farnham Common with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease terminates on 21st October 2083
With only 59 years unexpired we estimate the price of your lease extension to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns 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 without first seeking the advice of a professional.
Why is New Build conveyancing in Farnham Common more expensive?
Acquiring a brand new home is significantly distinct from the standard house buying conveyancing in Farnham Common. Firstly housebuilders normally need contracts to exchange very quickly, so there is a lot of pressure on your solicitor to ensure everything is in order. In addition new build conveyancing frequently necessitate the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage company obligations are also more demanding. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.