Our conveyancer has identified a a legal deficiency with the lease for the flat we are purchasing in Highbridge. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the bank is happy 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 lender are the client. Your lawyer 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I purchased a freehold house in Highbridge but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Highbridge and has limited impact for conveyancing in Highbridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
How does conveyancing in Highbridge differ for newly converted properties?
Most buyers of new build property in Highbridge approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Highbridge usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Highbridge or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Highbridge I like with open areas and station nearby, however it only has 52 years on the lease. I can't really find anything else in Highbridge suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
My business partner and I are looking to lease a unit on a shopping parade. Can you recommend conveyancers offering no-sale-no charges for non-domestic conveyancing in Highbridge for below £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Highbridge, including the sale and purchase of businesses as well as simply property. If you are looking to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can put you in touch with the right firm. Regarding the fees this will depend on the structure and nuances of the proposed transaction. Let us have your details or phone us so that we can supply you with a fixed commercial conveyancing quote.
Been looking for a lawyer for freehold sale conveyancing in Highbridge. We are selling, simple no mortgage to discharge, no hurry, no onward purchase. Received an estimate from a lawyer for £800 excluding VAT which is a little steep given that its so straightforward. Is it possible to find less expensive fees for conveyancing in Highbridge?
Considering it’s a sale only, £450 + VAT is likely to be about the cheapest for sale conveyancing in Highbridge.