Our solicitor has discovered a a legal deficiency with the lease for the flat we are purchasing in Temple Fortune. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must check that the bank is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner 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 bank 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 solicitor will have no choice but to discontinue acting for you.
Can you explain why leasehold purchase conveyancing in Temple Fortune is more expensive?
The conveyancing costs for a leasehold premises in Temple Fortune is inevitably higher than on a freehold transaction. This is due to the extra time required in liaising with the landlord and management company to obtain information concerning whether the rent and maintenance fee have been discharged and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Temple Fortune?
Unless a prior purchase of the property completed post 12 October 2013 you can assume that solicitors delivering conveyancing in Temple Fortune to remain encouraging a chancel search and or chancel repair liability policy.
Me and my brother own a 4 bedroom Edwardian house in Temple Fortune. Conveyancing solicitor represented me and Barclays Direct. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review 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 Temple Fortune and other locations in 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 purchasers. You can also check the situation with the conveyancing practitioner who carried out the work.
I have just appointed agents to market my ground floor flat in Temple Fortune. Conveyancing lawyers have not yet been instructed, but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the maintenance contribution as you normally would because all rents and service payments should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Temple Fortune conveyancing firm to represent me?
Most definitely. We can put you in touch with a Temple Fortune conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Temple Fortune property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The unexpired lease term was 76 years.
I'm remortgaging a flat in Temple Fortune. I can find my conveyancer's company on the CLC list, but I can't locate my conveyancer's name on the list. Should I be concerned?
Not all staff in the company must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unqualified staff.