Our lawyer has uncovered a a problem with the lease for the apartment we are purchasing in Rawdon. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that he must ensure that the bank is content with this solution. Who is the client here, us or the bank?
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 lawyer 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 mortgage company 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.
Do I have to visit the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Rawdon so that I can attend their offices if required.
Most conveyancing panel lawyers for banks carry out the vast majority of communications through the post, e-mail or over the phone. This means that they can undertake the conveyancing transaction no matter where you live in England or Wales. Nevertheless you should see if you can still book an appointment to visit conveyancing lawyer if you prefer.
My husband and I have organised the release of further monies on our mortgage from Principality as we intend to conduct alterations to our home in Rawdon. Do we need to choose a bricks and mortar Rawdon solicitor on the Principality conveyancing panel to deal with the paperwork?
Principality would not normally instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
I'm in the process of viewing houses in Rawdon and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Co-operative.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are obtaining a mortgage with Co-operative, ask your prospective lawyers if they are on the Co-operative conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Kent Reliance for my property in Rawdon. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Kent Reliance must be informed of your intention before renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel firm.
Due to the advice of my in-laws I had a survey completed on a property in Rawdon ahead of retaining solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some banks will refuse to give a loan on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rawdon. Conveyancing will be smoother if you use a solicitor in Rawdon especially if they are accustomed to such properties in Rawdon.
Can you offer any advice when it comes to choosing a Rawdon conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Rawdon conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Rawdon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
-
What volume of lease extensions has the firm carried out in Rawdon in the last twenty four months? If they are not ALEP accredited then what is the reason?
I own a leasehold flat in Rawdon, conveyancing formalities finalised July 2011. Can you work out an approximate cost of a lease extension? Corresponding properties in Rawdon with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 2088
With only 64 years unexpired we estimate the premium for your lease extension to be between £14,300 and £16,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
We are in the process of acquiring a house in Rawdon. Could the property lawyer keep our purchase price a secret from sites such as Rightmove. How do I make sure this is not revealed?
HM Land Registry by statute are required to specify price sold data on a register of the title for residential properties countrywide which includes properties in Rawdon. The Title Register is an open document, so the Land Registry would be breaking the law excluded specific homes such as your one in Rawdon.
You can ask HM Land Registry to withhold the price paid data but the response would be a No.