My conveyancer has identified a a problem with the lease for the apartment we are purchasing in Garstang. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer says that he must ensure 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 risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. 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 have a decision in principle. The bank mentioned the home loan came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would prefer to appoint a local conveyancing solicitor in Garstang?
Do check but the the likelihood is that allocate you one of their panel conveyancers should you accept the "fee-free" offer. Contact the bank and explore if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Garstang.
Do I need to pay for insurance to cover chancel repairs when purchasing a residence in Garstang?
Unless a prior purchase of the property completed after 12 October 2013 you could expect solicitors conducting conveyancing in Garstang to remain recommending a chancel search and or insurance against a claim.
About to purchase a new build flat in Garstang. 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 are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Garstang
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. 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.
I am tempted by the attractive purchase price for a couple of apartments in Garstang both have approximately fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Garstang. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.
I inherited a 2 bed flat in Garstang, conveyancing formalities finalised July 2000. How much will my lease extension cost? Comparable flats in Garstang with over 90 years remaining are worth £202,000. The ground rent is £55 per annum. The lease expires on 21st October 2077
With just 56 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Am in the process of purchasing my first property in Garstang. Conveyancing practitioner already chosen. The broker advised that a survey is not appropriate as the house was only constructed in 2002.
You would be best advised to take a Home Buyer's Report. As the residence was built over a decade ago the property will be without a warranty, so you would be well advised not to take a risk. For a property that age with no signs of problems a Home Buyer's report may be sufficient. They will highlight any obvious issues and suggest further investigation if appropriate. If there are any indications of material issues seek a full Building Survey from the beginning.