My partner and I have lately purchased a property in Ashbourne. We have since encountered a number of problems with the property which we consider were omitted in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been carried out for conveyancing in Ashbourne?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Ashbourne. Conveyancing searches and due diligence undertaken during the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, a property owner fills in a questionnaire known as a Seller’s Property Information Form. answers turns out to be incorrect, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Ashbourne.
My solicitor has informed me that defective lease insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Ashbourne?
The appropriate level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Can you point me to a directory of Lloyds panel solicitors in Ashbourne on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of lenders make their panel listings available over the internet. If you are seeking to appoint a Ashbourne conveyancing practitioner on the Lloyds please make the most of our facility.
I was told two weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Ashbourne is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
My wife and I have a 4 bedroom Georgian house in Ashbourne. Conveyancing solicitor acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the matching address. Is it worth asking Lloyds TSB Bank to clarify?
You need to review the Freehold register you have again and check the Charges Register for 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 Ashbourne and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing practitioner who conducted the conveyancing.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Ashbourne I like with amenity areas and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Ashbourne in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I want to sublet my leasehold apartment in Ashbourne. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A small minority of properties in Ashbourne do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I am the registered owner of a basement flat in Ashbourne, conveyancing formalities finalised in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Ashbourne with over 90 years remaining are worth £206,000. The ground rent is £45 levied per year. The lease expires on 21st October 2091
With only 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.