Our conveyancer has uncovered a a legal deficiency with the lease for the property we are purchasing in Parbold. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the bank is willing to move forward 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 property lawyer 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.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Parbold. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this allowed?
Given you intend to refinance then Santander will require that you use a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
I have been told that property searches are the main cause of hinderance in Parbold conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Parbold.
How difficult is it to transfer to a new solicitor as I need to appoint a firm on the TSB conveyancing list. I instructed a family conveyancing solicitor in Parbold round the corner but the firm is not approved by TSB
We will our best to assist in finding you a conveyancing solicitor in Parbold on the TSB panel. Please note that the law firms that we work with do not pay us commission if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Parbold. Using search facility on this site, you can scrutinise costs for conveyancing solicitors in Parbold and throughout England and Wales.
My step-father has recommend that I use his conveyancers in Parbold. Do I follow his recommendation?
No doubt the best way to select a conveyancing solicitor is to have referrals from friends or family who have actually experience in using the solicitor you're are thinking of instructing.
What makes a Parbold lease problematic?
Leasehold conveyancing in Parbold is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I bought a garden flat in Parbold, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Parbold with a long lease are worth £197,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2080
With 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 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 the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.