My solicitor has identified a a problem with the lease for the property we are buying in Little Mill. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer says that he must be satisfied that the lender is content 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 bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. 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 property lawyer will have no choice but to discontinue acting for you.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to use a Little Mill based conveyancing firm?
You should check but the chances are that appoint one of their panel lawyers if you accept the "fee-free" incentive. Call the lender and explore if they offer you a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Little Mill.
Forgive me if this question is silly but I am wet behind the ears as FTB of a ground floor flat in Little Mill. Do I collect the keys to the premises on completion from my lawyer? If so, I will appoint a High Street conveyancing solicitor in Little Mill?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s conveyancers, and once they have received this, you will be invited to collect the keys from the selling Agents and move into your new home. Usually this happens early afternoon.
Last month we had a mortgage agreed in principle with RBS. Little Mill conveyancing solicitors were selected. How long does it take for RBS to issue the offer to the property lawyer?
Some lenders take longer than others. Have RBS completed the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I recently had an offer agreed on an apartment in Little Mill. My financial adviser suggested a conveyancer. I paid an advanced payment of £150. Shortly after, the property lawyer called me sheepishly admitting that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Me and my brother own a terraced Victorian property in Little Mill. Conveyancing practitioner acted for me and Barclays . I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Little Mill and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing lawyer who conducted the purchase.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Little Mill I like with amenity areas and station nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Little Mill suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Little Mill. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Little Mill are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Little Mill in which case you should be shopping around for a Little Mill conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I acquired a 2 bed flat in Little Mill, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Little Mill with over 90 years remaining are worth £202,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2081
You have 56 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.