Our conveyancer has discovered a defect with the lease for the flat we are purchasing in Glenfield. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Glenfield. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 22/4/2024, the requirements read as follows :
I have been told that property searches are a common reason for obstruction in Glenfield conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Glenfield.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Glenfield is where the house is located. Can you shed any light on this issue?
Flying freeholds in Glenfield are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Glenfield you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Glenfield may determine 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.
How do I use your search tool to find a conveyancing practitioner in Glenfield on the panel for my bank?
First choose a bank such as HSBC Bank, The Royal Bank of Scotland or TSB then specify your location such as Glenfield. Conveyancing organisations in Glenfield and across England and Wales should be shown.
Back In 2009, I bought a leasehold flat in Glenfield. Conveyancing and Godiva Mortgages Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Glenfield who previously acted has now retired. Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Glenfield conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a split level flat in Glenfield, conveyancing formalities finalised 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Glenfield with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ceases on 21st October 2081
With just 57 years unexpired we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.