I instructed a Hadfield based solicitor for my conveyancing in Hadfield last week. Reviewing the Terms and Conditions it is apparent thatI am on the hook for fees even if the sale doesn't happen. Should I go with them or use a web based conveyancing brokerage advertising no-sale-no-fee conveyancing in Hadfield?
Generally there is a compromise along the lines that if "No Completion No Fee" is advertised then the conveyancing charges will tend to be be uplifted to offset those transactions that do not go ahead. Dont forget that such deals generally do not cover outlay such your Hadfield conveyancing search expenses.
My solicitor has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Hadfield. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the lender is willing to move forward 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 lender are the client. Your solicitor 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 lender 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 solicitor will have no choice but to discontinue acting for you.
I have an AIP. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to appoint a Hadfield based conveyancing firm?
You should check but the chances are that appoint one of their panel solicitors if you want the "fee-free" deal. Speak to the mortgage company and determine if they make available a cash alternative. Some lenders have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Hadfield.
Just had an offer accepted on a new build flat in Hadfield. Conveyancing is necessary evil 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 legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Hadfield
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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. Please confirm the Lease plans are architect prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I decided to have a survey carried out on a property in Hadfield prior to instructing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some lenders may refuse to issue a loan on this type of premises.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hadfield. Conveyancing will be smoother if you use a solicitor in Hadfield especially if they are familiar with such properties in Hadfield.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Hadfield. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Hadfield are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Hadfield in which case you should be looking for a Hadfield conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.
Hadfield Leasehold Conveyancing - A selection of Questions you should ask before buying
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You should want to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day matters such as the cleanliness of the communal areas. Enquire of other tenants what they think of their management. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. Most Hadfield leasehold properties will be liable to pay a service charge for maintenance of the block invoiced on behalf of the freeholder. Where you purchase the apartment you will have to pay this amount, normally quarterly throughout the year. This could vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a ground rent to be met annual, this is usually not a large sum, say around £25-£75 but you need to enquire it because sometimes it can be surprisingly expensive.