My conveyancer has uncovered a a problem with the lease for the apartment we are buying in Sawston. The other side have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions 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 lender are the client. The appropriate lender requirements must be adhered to.
I am buying a new build apartment in Sawston. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Sawston
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared.
How difficult is it to change solicitor as I need to retain one who is on the Godiva Mortgages Ltd conveyancing panel. I was using a local conveyancing solicitor in Sawston round the corner but the firm is not approved by Godiva Mortgages Ltd
It would be our pleasure to help you select a conveyancing solicitor in Sawston on the Godiva Mortgages Ltd panel. Please note that the solicitors that we work with do not pay us fee if you instruct them and are regulated by the SRA who regulate all conveyancing solicitors in Sawston. Using the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Sawston.
I am using a search engine for the words on line conveyancing in Sawston it brings up many solicitorsin the area. With so much choice what is the best way to find the right property lawyer for purchase transaction?
The ideal way of finding a suitable conveyancer is through a personal referral, so seek the opinion of colleagues and those you trust who have bought a property in Sawston or the local estate agent or mortgage broker. Charges for conveyancing in Sawston differ, so it's advisable to secure a minimum of four quotes from varying types of conveyancers. Dont forget to clarify that the charges are assured not to rise.
In relation to leasehold conveyancing in Sawston what are the most common lease defects?
Leasehold conveyancing in Sawston is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
I own a 2 bed flat in Sawston, conveyancing was carried out June 2008. Can you work out an approximate cost of a lease extension? Comparable properties in Sawston with an extended lease are worth £185,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2087
With only 61 years left to run the likely cost is going to span between £19,000 and £22,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
We have today had an offer accepted on our 1st house in Sawston, and are about to get solicitors instructed. I have made use of the numerous comparison based websites and the fee estimates are from all across the England and Wales. Is it critical to have a Sawston conveyancing practitioner local to the potential house? We are willing to do all the communicating over the internet, but I assume at some point we will be required to physically go into the conveyancing practitioner's office to sign contracts?
The lawyer does not have to be in Sawston, but opting for local means that you can go in if required, by way of example, if a signature is immediately necessary. Furthermore, a Sawston solicitor is likely to be familiar with local agents and (if the vendor has instructed a local conveyancing practitioner) with them, which should help smooth the process.