Our conveyancer has discovered a a problem with the lease for the apartment we are purchasing in Paulton. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check 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 mortgage company are the client. Your conveyancer 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 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.
A colleague recommended that where I am buying in Paulton I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Paulton conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Paulton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Paulton Education with plans and statistics, Local Amenities and other useful information concerning Paulton.
I am purchasing my first flat in Paulton with the aid of help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not to tell my conveyancer about the deal as it may affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £245,000 and identified one close by in Paulton I like with open areas and station nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Paulton suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
My brother has urged me to use his conveyancers in Paulton. Should I choose my own solicitor?
No doubt it’s preferable to choose a conveyancing lawyer is to seek referrals from friends or relatives who have used the solicitor you're considering.
My wife and I purchased a leasehold flat in Paulton. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Paulton who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Paulton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a ground floor flat in Paulton, conveyancing having been completed December 1999. Can you work out an approximate cost of a lease extension? Corresponding properties in Paulton with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2085
With 59 years remaining on your lease the likely cost is going to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.