Our lawyer has uncovered a a problem with the lease for the property we are buying in Malmesbury. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer 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 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.
We are looking to buy a property and need a conveyancing solicitor in Malmesbury who is on the Leeds Building Society solicitor panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Leeds Building Society . We don't recommend any particular firms conducting conveyancing in Malmesbury.
Various web forums that I have visited warn that are the main reason for hinderance in Malmesbury house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Malmesbury.
I am looking for a flat up to £195,000 and found one near me in Malmesbury I like with a park and transport links nearby, however it's only got 49 years on the lease. There is not much else in Malmesbury in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Last February I purchased a leasehold house in Malmesbury. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a split level flat in Malmesbury, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Malmesbury with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2091
You have 66 years left to run the likely cost is going to range 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 cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I am buying a ground floor flat in Malmesbury. Conveyancing solicitor has been waiting for, from the seller, building insurance paperwork. This morning I was advised that the owner needs to send the insurance paperwork for the flat above in addition. Why does my lawyer need to review the insurance for the other flat? Is it strictly necessary? We have been waiting for the last month…
It is not impossible in leasehold conveyancing in Malmesbury to find Conveyancing in Malmesbury in a minority of cases reveals that the lease provides for the tenant's to insure their individual flats as opposed to the freeholder insuring the entire building - which is clearly preferable. Do clarify with your lawyer but it would seem that your solicitor is looking to establish that the whole building is insured. Insuring your flat is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt for lack of insurance cover.