My lawyer has discovered a a legal deficiency with the lease for the flat we are purchasing in Ludgershall. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. The appropriate lender specifications have to be complied with.
I am buying a flat and require a conveyancing solicitor in Ludgershall who is on the Barnsley Building Society approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barnsley Building Society in certain locations such as Ludgershall. We dont recommend any particular firm.
Are all Ludgershall Conveyancing Quality Solicitors on the Clydesdale conveyancing panel?
Some major banks and building societies now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I am selling my apartment. I had a double glazing fitted in May 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Kent Reliance are being pedantic. The Ludgershall solicitor who is on the Kent Reliance conveyancing panel is recommending indemnity insurance as a solution but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have instructed a Ludgershall conveyancing practitioner having checked that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ludgershall postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Ludgershall.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a house in Ludgershall?
Unless a prior purchase of the house took place post 12 October 2013 you may take it that conveyancing practitioners carrying out conveyancing in Ludgershall to continue to recommend a chancel search and or insurance against a claim.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Ludgershall I like with amenity areas and transport links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Ludgershall in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
What are the frequently found deficiencies that you encounter in leases for Ludgershall properties?
Leasehold conveyancing in Ludgershall is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the building Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I inherited a 1 bedroom flat in Ludgershall, conveyancing formalities finalised February 1995. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Ludgershall with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2086
With only 61 years left to run the likely cost is going to be between £18,100 and £20,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.