My conveyancer has identified a defect with the lease for the apartment we are buying in Plympton. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner says 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 potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. 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 property lawyer will have no choice but to discontinue acting for you.
Have just purchased a probate house at auction in Plympton. Conveyancing is necessary. What is next?
Having for all intents and purposes signed on the dotted line you will need to appoint a conveyancing lawyer soon as you are facing a tight a drop dead date to complete the property. Every auction property will have a bespoke auction set of papers. This will include most,if not all of the documents that your solicitor will need. Where you are dealing with leasehold premises the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You must give this to the lawyer instructed by you as soon as possible. You also need to ensure that that you have the requisite funding in place to complete on the on the contractual date .
I am purchasing a property in Plympton. An unusual aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Aldermore your lawyer must check the formal instructions set out in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook includes minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Aldermore where a lease fails to meet these conditions. The conditions relate to the installation of panels on properties countrywide and is not limited to Plympton.
We were going to get a OIP from Skipton this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Plympton solicitors on the Skipton conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Plympton solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
Me and my brother purchased a 4 bedroom Victorian house in Plympton. Conveyancing lawyer represented me and Bank of Ireland. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the matching property. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Plympton and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing solicitor who conducted the conveyancing.
I have been on the look out for a flat up to £235,500 and found one close by in Plympton I like with open areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Plympton for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Is it simple use the search facility to locate a conveyancing solicitor in Plympton on the approved list for my lender?
Step one is to pick a lender such as Santander, Norwich and Peterborough Building Society or Godiva Mortgages Ltd then specify your preferred area e.g. Plympton. Conveyancing organisations in Plympton and further afield should be listed.
Can you provide any advice for leasehold conveyancing in Plympton from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Plympton can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers’ conveyancers. If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Organising a new share certificate is often a time consuming process and delays many a Plympton conveyancing transaction. If a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later. Many landlords or Management Companies in Plympton levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Plympton. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
Leasehold Conveyancing in Plympton - A selection of Questions you should consider before Purchasing
Is the freehold reversion owned collectively by the tenants? You should be aware that where the lease has fewer than eighty years it will impact the salability of the flat. Check with your lender that they are content with remaining years on the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth finding out what this would cost. For most Plymptonlease extensions you would need to own the property for 24 months before you are eligible to carry out a lease extension.