Our solicitor has discovered a a legal deficiency with the lease for the property we are buying in Horsforth. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must be satisfied that the bank is happy with this solution. Are we the client or is the lender?
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 requirements. 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 solicitor will have no choice but to discontinue acting for you.
I am planning to acquire a house and require a conveyancing solicitor in Horsforth who is on the Nationwide Building Society approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nationwide Building Society in certain locations such as Horsforth. We dont recommend any particular firm.
How does conveyancing in Horsforth differ for newly converted properties?
Most buyers of new build property in Horsforth approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Horsforth tend to acquire the real estate, 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 Horsforth or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Horsforth I like with amenity areas and transport links in the vicinity, however it's only got 49 years unexpired on the lease. There is not much else in Horsforth suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Due to sign contracts shortly on a garden flat in Horsforth. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Horsforth should include some of the following:
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You should know if the lease allows you to change or improve anything in the property- you must be made aware as to whether any restrictions relates to all alterations or limited to structural alteration, and whether consent is mandated necessary Repair and maintenance of the property What you can do if another tenant in the building is in violation of a provision in their lease? Additions to the premises Whether the lease restricts you from renting out the property, or working from home
I purchased a garden flat in Horsforth, conveyancing having been completed September 2003. How much will my lease extension cost? Comparable flats in Horsforth with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2083
With 58 years remaining on your lease we estimate the premium for your lease extension to span between £22,800 and £26,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
I am an executor of my recently deceased mother’s Will, with a bungalow in Horsforth which is to be marketed. The property is unregistered at HMLR and I'm told that some EAs will insist that it is done before they'll move forward. What's the procedure for this?
In the circumstances that you have set out it seems advisable to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.