Our lawyer has identified a defect with the lease for the flat we are purchasing in Great Sankey. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
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 property lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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.
We are close to exchanging contracts on the sale of our property in Great Sankey and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local conveyancer would know this is not the case. For the life of me I don't know why the buyers used a national conveyancing practice rather than a conveyancing solicitor in Great Sankey. Having lived in Great Sankey for many years we know of no issue. Is it a good idea to get in touch with our local Authority to seek clarification need.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
The estate agent has sent us the confirmation of our purchase of a new build flat in Great Sankey. Conveyancing is a frightening process 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 enquiries that you should expect your new-build leasehold conveyancing in Great Sankey
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. 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. Please confirm the Lease plans are surveyor prepared. 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 have been pointed in your direction by two or three local property agents in Great Sankey to select a conveyancer on your site. Is there a financial upside for Estate Agents to promote your lawyers over and above alternative conveyancing organisations?
We refuse to make any financial incentive for sending work to this site. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I've recently bought a leasehold house in Great Sankey. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Great Sankey Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
The best form of lease arrangement is if the freehold title is owned by the leaseholders. In this arrangement the tenants benefit from control and even though a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Where a Great Sankey lease has less than eighty years it will have adverse implications on the value of the property. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you would need to own the premises for two years in order to be entitled to extend the lease. It would be a good idea to investigate if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being allowed in in a block in Great Sankey. If you love the flatin Great Sankey however your cat can’t live with you then you have a very difficult determination.
I am looking to buy a repossessed flat in Great Sankey and the vendor would like to complete within a month. Can a conveyancing practitioner meet that timeframe? Am I best advised to instruct a high street Great Sankey firm or an online company that professes to complete quickly?
Attend your Great Sankey high street. Pop in to a couple of solicitor’s offices and ask to talk to a conveyancing solicitor for an estimate. Set out your needs and try and obtain a commitment on time frames. Appoint the firm that appears most trustworthy. You need to choose a conveyancer on the panel of conveyancers who can act for your mortgage company.