Our solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Stapleton. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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 lawyer will have no choice but to discontinue acting for you.
I purchased a freehold property in Stapleton yet pay rent, why is this and what is this?
It’s unusual for properties in Stapleton and has limited impact for conveyancing in Stapleton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We are getting the release of further monies on our home loan from Barclays as we intend to conduct alterations to our property in Stapleton. Are we obliged to choose a local Stapleton solicitor on the Barclays conveyancing panel to deal with the legals?
Barclays would not normally require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays list.
I am expecting a DIP from HSBC this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any Stapleton solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Stapleton solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I was told two weeks ago that my mortgage has been agreed to by Lloyds. Is it usual for Lloyds to only issue the offer once my solicitor in Stapleton is approved on their conveyancing panel? Lloyds have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Stapleton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Stapleton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stapleton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stapleton 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 premises.
My step-father has suggested that I instruct his conveyancing solicitors in Stapleton. Should I use them?
Much as we are happy to recommend a Stapleton conveyancing lawyer it’s preferable to select a conveyancing lawyer is to seek feedback from friends or relatives who have experience in using the firm that you are contemplating using.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Stapleton. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Stapleton ?
Most houses in Stapleton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Stapleton in which case you should be shopping around for a Stapleton conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I acquired a leasehold flat in Stapleton, conveyancing formalities finalised in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Stapleton with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2102
With just 76 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.