Is the fact that my solicitor in Henllan is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of her conveyancing?
That is most likely a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Henllan conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
All was ready to complete my purchase in Henllan next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not unique to conveyancing in Henllan.
This question may be naive but I am wet behind the ears as FTB of a garden flat in Henllan. Do I collect the keys to the premises on the completion date from my lawyer? If so, I will instruct a local conveyancing solicitor in Henllan?
On the day of completion you will not be required to attend the conveyancers office in Henllan. Your solicitors will arrange to send the completion advance to the seller's solicitors, and once they have received this, you will be invited to receive the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
I am buying a property in Henllan. One unusual aspect is that the roof has a solar panel. Yorkshire BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Yorkshire BS your lawyer must check the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for Yorkshire BS. The CML Handbook contains minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Yorkshire BS where a lease does not comply with these provisions. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Henllan.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Henllan bank branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Henllan conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. Who do I believe?
As long as the solicitor is on the mortgage company approved list, they must comply with the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
The deeds to our property can not be found. The conveyancers who dealt with the conveyancing in Henllan 4 years ago are no longer around. What are my next steps?
In today’s world there are copies made of almost everything, and your conveyancer should know exactly where to locate all the suitable documentation so you may purchase or dispose of your property without a hitch. Where duplicates can’t be found, your conveyancer may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on the property.
About to purchase a new build apartment in Henllan. 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Henllan
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am employed by a reputable estate agency in Henllan where we see a few flat sales derailed due to short leases. I have been given conflicting advice from local Henllan conveyancing firms. Could you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a 2 bed flat in Henllan, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Henllan with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2092
You have 66 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure 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 other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.