My conveyancer has discovered a a problem with the lease for the property we are buying in Potters Bar. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions have to be complied with.
Is there a reason why leasehold purchase conveyancing in Potters Bar is more expensive?
Potters Bar leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My relative suggested that where I am purchasing in Potters Bar I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Potters Bar conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Potters Bar 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 type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Potters Bar Education with maps and statistics, Local Amenities and other useful information concerning Potters Bar.
I have todayfound out that Wolstenholmes have closed. They carried out my conveyancing in Potters Bar for a purchase of a leasehold flat 10 months ago. How can I establish that my home is registered correctly in the name of the previous owner?
The easiest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Potters Bar conveyancing specialists.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Potters Bar I like with amenity areas and station nearby, however it only has 52 remaining years left on the lease. There is not much else in Potters Bar suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I need to appoint a conveyancing solicitor for purchase conveyancing in Potters Bar. I've chance upon a site which appears to be the ideal solution If there is a chance to get all formalities done via email that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?