My lawyer has uncovered a a problem with the lease for the flat we are buying in Newquay. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the lender is willing to move forward 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 property lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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.
What does my ID and proof of funds have anything to do with my conveyancing in Newquay? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lender will also require certain documents to be viewed. Should you are unwilling to hand over identification documents, your lawyer would not be able to accept instructions from you.
Just had an offer accepted on a new build apartment in Newquay. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Newquay
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Newquay is where the house is located. Can you offer any opinion?
Flying freeholds in Newquay are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newquay you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newquay may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Harry (my fiance) and I may need to let out our Newquay garden flat for a while due to taking a sabbatical. We instructed a Newquay conveyancing practice in 2002 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Newquay do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I purchased a basement flat in Newquay, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Newquay with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2102
With just 76 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Newquay. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Newquay ?
The majority of houses in Newquay are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Newquay in which case you should be shopping around for a Newquay conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.