My conveyancer has uncovered a defect with the lease for the flat we are purchasing in Rossett. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Rossett. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Co-operative will insist on your using a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
I have justfound out that Action Conveyancing have been shut down. They conducted my conveyancing in Rossett for a purchase of a leasehold flat 10 months ago. How can I establish that my home is not still registered in the name of the previous owner?
The easiest method 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 Rossett conveyancing specialists.
As co-executor for the will of my grandmother I am disposing of a residence in Cardiff but reside in Rossett. My conveyancer (approximately 260 miles awayhas requested that I sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing practitioner in Rossett to witness this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Rossett based
What are the frequently found defects that you see in leases for Rossett properties?
There is nothing unique about leasehold conveyancing in Rossett. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Skipton Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I purchased a studio flat in Rossett, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Rossett with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2095
With only 71 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
I note that you have a search directory identifying law firms on the mortgage company conveyancing panel. Do Rossett conveyancing firms pay you a commission if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Rossett.