My solicitor has discovered a a legal deficiency with the lease for the property we are purchasing in Sale. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
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 property 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Should lawyers ask for money on account for conveyancing in Sale?
Where you are retaining lawyers for conveyancing in Sale your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this should be asked for shortly in advance of contracts are exchanged. The final balance that is needed should be sent to your lawyer shortly before completion.
Are there restrictive covenants that are commonly picked up during conveyancing in Sale?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Sale. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Sale. 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 conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Sale
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 a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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.
Am I better off to use a Sale conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can carry out the conveyancing but his firm is located 300kilometers drive away.
The benefit of a high street Sale conveyancing practice is that you can drop in to sign documents, deliver your identification documents and apply pressure on them where appropriate. Having local Sale know how is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were happy that should trump using an unfamiliar Sale conveyancing lawyer solely due to them being Sale based.
Looking forward to exchange soon on a leasehold property in Sale. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Sale should include some of the following:
Where does the liability rest to repair and maintain the building. It is essential that you know who is liable for the repair and maintenance of every part of the building The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? Will you be prohibited or prevented from having pets in the property? Does the lease prohibit wood flooring?
I own a split level flat in Sale, conveyancing formalities finalised 9 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Sale with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2091
With 68 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.