I am expecting a mortgage offer from Lloyds. My intention is to instruct a Licensed Conveyancer in Rothbury. Does the Lloyds Conveyancing panel allow for Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our conveyancer has identified a defect with the lease for the apartment we are purchasing in Rothbury. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner 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 lender 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.
Is there a reason why leasehold purchase conveyancing in Rothbury is more expensive?
In summary, leasehold conveyancing in Rothbury and elsewhere usually necessitates extra work compared to freehold transactions. This includes reviewing the lease, communicating with the landlord about the service of required notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
My brother-in-law has suggested I instruct a conveyancing solicitor in Rothbury. I I would like to check if they are on the Bank of Ireland approved list of lawyers. Could you help?
You should phone your conveyancer and enquire whether they can act for the lender. Otherwise you can call Bank of Ireland who may be able to assist.
What can a local search inform me about the property my wife and I buying in Rothbury?
Rothbury conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example Onsearch The local search is essential in every Rothbury conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
Last March I purchased a leasehold flat in Rothbury. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a 2 bed flat in Rothbury, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Rothbury with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2077
With 52 years remaining on your lease we estimate the price of your lease extension to range between £29,500 and £34,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.