My solicitor has uncovered a a legal deficiency with the lease for the property we are buying in Theale. The other side have offered title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied 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 potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
We hope to to buy with Norwich and Peterborough Building Society. We have called around locally yet am unable to find a Theale conveyancing firm on the Norwich and Peterborough Building Society approved list. Could you assist?
Feel free to take advantage of the find a conveyancing panel solicitor tool on this page. Please choose the lender and type Theale or your preferred area and you will see numerous solicitors offices in Theale or by proximity to you.
What is the difference between a licensed conveyancer and conveyancing solicitor in Theale
There are many registered licenced Conveyancers in Theale and Solicitor firms in Theale offering conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. Both can deal with associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I am buying a property in Theale. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
As your lender is HSBC your lawyer must follow the formal instructions contained in Part two of UK Finance Lenders’ Handbook for HSBC. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to HSBC where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Theale.
At last I have had an offer on an apartment in Theale accepted, the sellers do however have a dependent purchase. The sellers have put an offer on a flat, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Theale. What do I do now? At what stage do I apply for the mortgage with Leeds Building Society?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then survey, Theale conveyancing search charges, etc). First, you must ensure that your solicitor is on the Leeds Building Society conveyancing panel. Regarding the subsequent stages this very much depends on the uniqueness of your transaction, attraction to this property and on the state of the market. In a buoyant market many buyers would apply for a home loan with Leeds Building Society and pay for the valuation and only if it comes back ok would they request their conveyancer to press on with the conveyancing in Theale.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Theale I like with amenity areas and station nearby, however it only has 49 years unexpired on the lease. There is not much else in Theale for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
In what way does the Landlord & Tenant Act 1954 impact my business offices in Theale and how can you help?
The 1954 Act provides a safeguard to commercial tenants, giving them the right to apply to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Theale is one of our numerous areas of the UK in which our lawyers are based
Jane (my partner) and I may need to let out our Theale 1st floor flat temporarily due to a career opportunity. We instructed a Theale conveyancing firm in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your previous Theale conveyancing lawyer is not around you can check your lease to check if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you need to seek permission from your landlord or other appropriate person prior to subletting. This means that you cannot sublet in the absence of prior permission. The consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
I inherited a 2 bed flat in Theale, conveyancing having been completed February 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Theale with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2080
With 57 years left to run we estimate the price of your lease extension to be between £26,600 and £30,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures 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 want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.