My conveyancer has discovered a a legal deficiency with the lease for the flat we are purchasing in Southwater. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
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 specifications. You and the lender are the client. These conveyancing instructions have to be complied with.
It has been 3 months since my purchase conveyancing in Southwater took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Southwater is the location of the property. Can you shed any light on this issue?
Flying freeholds in Southwater are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southwater you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southwater may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What does commercial conveyancing in Southwater cover?
Southwater conveyancing for business premises incorporates a wide array of guidance, given by qualified solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am employed by a long established estate agent office in Southwater where we have experienced a few leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Southwater conveyancing firms. Could you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Southwater - Examples of Questions you should consider before Purchasing
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Best to be warned if a new roof is being installed or some other major work is due in the near future to be shared amongst the leaseholders and could well dramatically increase the the service fees or necessitate a one off payment. Are any of leasehold owners in arrears of their service charge payments?
We are soon to complete on the purchase a property in Southwater but as a consequence of wreckage from the recent storms I have negotiated reparation from the current proprietors of £3k by way of a adjustment in the price. This was going to be addressed as part of the conveyancing process yet my bank will not permit this. Should they have been informed?
The solicitor listed on the mortgage company approved list is duty bound to inform the mortgage company of any variations to the purchase price. In the event that you did not allow your conveyancing practitioner to report the price change to your lender then they would have to disinstructing themselves from representing you and the bank.