My lawyer has discovered a defect with the lease for the apartment we are purchasing in Oxton. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
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 solicitor 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 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 lawyer will have no choice but to discontinue acting for you.
My partner and I are selling our property in Oxton and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know that there is no such problem. For the life of me I don't know why the purchasers used an online conveyancing practice rather than a conveyancing solicitor in Oxton. Having lived in Oxton for 4 years we know of no issue. Do we get in touch with our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Just acquired a semi-detached house in Oxton , What is the estimated time for the Land Registry to register my ownership? My Oxton conveyancing solicitor has been painfully slow, so I want to be certain the land registry aspects are addressed.
There is nothing unique about conveyancing in Oxton registration formalities. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether it is in order and if the Land registry must send notices to any interested parties. Currently approximately 80% of submission are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Registration takes place after the buyer has moved in to the premises so 'speed' is not always top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
My step-father has encouraged me to appoint his conveyancers in Oxton. Do I follow his recommendation?
There are no two ways about it the ideal way to select a conveyancing solicitor is to seek referrals from friends or family who have actually experience in using the conveyancer you're contemplating using.
I am tempted by the attractive purchase price for a couple of flats in Oxton both have about forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Oxton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Oxton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a ground floor flat in Oxton, conveyancing having been completed March 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Oxton with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease ends on 21st October 2084
With 59 years unexpired the likely cost is going to range between £20,900 and £24,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
We are in the middle of buying a house in Oxton. Conveyancing solicitor has told us the property is "Leasehold". Does this adversely affect the marketability of the property?
Oxton conveyancing does not in most situations involve leasehold houses. The key consideration here is the unexpired lease term and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability too much.
On the flip side, if it's, say, Sixty years it will have a material impact on the value, and probably wouldn't be acceptable to the bank. The length of lease and ground rent will be specified in the lease to be supplied to your property lawyer.