My conveyancer has identified a defect with the lease for the apartment we are purchasing in Salcombe. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements 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 bank are the client. These conveyancing instructions have to be complied with.
My bid for a property was accepted at auction in Salcombe. Conveyancing is required. What is next?
Having legally committed yourself to purchase you should appoint a conveyancing lawyer as a matter of priority as you are faced with a tight a fixed date to complete the property. All auction property will have a bespoke legal set of papers. This will likely include most,if not all of the paperwork that your solicitor requires. If you have purchased leasehold property the auction papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You must give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that you have funds in order to complete on the on the contractual date .
is it true that all Salcombe conveyancing solicitors on the Yorkshire BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many banks do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
We had chosen conveyancers with offices in Salcombe on the HSBC solicitor panel. They are now charging me a supplemental sum for the legal aspects of the HSBC mortgage. Is this an additional conveyancing fee set by HSBC?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. This charge is not dictated by HSBC but by your Salcombe conveyancing practitioner. Plenty of firms on the HSBC panel will quote ’dealing with mortgage’ fee and others do not.
Me and my brother own a terraced Victorian property in Salcombe. Conveyancing practitioner acted for me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Salcombe and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing lawyer who completed the work.
Just had an offer accepted on a new build flat in Salcombe. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Salcombe
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I am looking for a conveyancing solicitor in Salcombe for my house move. Is it possible to review a solicitor's complaints history with the legal regulator?
Members of the public can read published Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator could recorded call for training reasons.
I am intending to rent out my leasehold apartment in Salcombe. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Your lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Salcombe do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
I acquired a basement flat in Salcombe, conveyancing formalities finalised November 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Salcombe with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2083
With 58 years unexpired we estimate the price of your lease extension to span between £22,800 and £26,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.