Much to our surprise we have been informed by our mortgage broker that my Princes Risborough property lawyer is not on the mortgage company Conveyancing panel. What can I do to be certain that this is indeed the case?
You need to contact your Princes Risborough conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may be able to suggest a Princes Risborough conveyancing firm that is on the conveyancing panel for your bank.
Our solicitor has identified a a problem with the lease for the apartment we are buying in Princes Risborough. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the bank is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer 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 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 conveyancer will have no choice but to discontinue acting for you.
It is a dozen years since I purchased my house in Princes Risborough. Conveyancing solicitors have just been appointed on the sale but I can't find my title documents. Will this cause complications?
Don’t worry too much. Firstly there is a chance that the deeds will be with your mortgage company or they could be in the possession of the solicitor who handled the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Almost all conveyancing in Princes Risborough involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
Should my lawyer be asking questions concerning flooding during the conveyancing in Princes Risborough.
The risk of flooding is if increasing concern for solicitors dealing with homes in Princes Risborough. There are those who buy a property in Princes Risborough, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a number of searches that may be carried out by the purchaser or by their conveyancers which should figure out the risks in Princes Risborough. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to find out if the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser could commence a legal claim for losses stemming from an incorrect reply. The purchaser’s solicitors should also carry out an environmental search. This will indicate whether there is any known flood risk. If so, additional investigations should be carried out.
I am employed by a reputable estate agency in Princes Risborough where we have experienced a few leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Princes Risborough conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 1st floor flat in Princes Risborough, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Princes Risborough with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2085
With only 64 years remaining on your lease we estimate the premium for your lease extension to range between £14,300 and £16,400 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
Some weeks ago I was informed by my bank that their approved solicitors operate no sale no charge basis for conveyancing in Princes Risborough. My purchase fell through and now the solicitors want search fees! They are claiming that the fees are nothing to do with their fees!
in offering "no sale no fee" Princes Risborough conveyancing practices are foregoing their charges for any work conducted. We should make it clear that this is NOT an insurance scheme. Disbursements aren’t covered – where the conveyancing practitioner have to pay money out to third parties, e.g. Princes Risborough local search fees