My solicitor has discovered a defect with the lease for the apartment we are purchasing in Buckinghamshire. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
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 property lawyer must comply with the UK Finance Lenders’ Handbook requirements. 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.
When will exchange of contracts happen for residential conveyancing in Buckinghamshire and am I required to be at the conveyancers office?
If you are near to one of the conveyancing solicitors in Buckinghamshire you are welcome to come in to sign documents. However, the law practices we recommend offer a nationwide conveyancing service and provide as equally comprehensive and professional a job for you when communicating with you digitally. The signing of the contract is not the point of no return. A signed contract is necessary for the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Buckinghamshire)to be in the office available at the end of the phone to exchange contracts.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial property in Buckinghamshire?
Its becoming the norm that commercial conveyancing solicitors in Buckinghamshire will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Buckinghamshire. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Buckinghamshire.
For each commercial conveyancing transaction in Buckinghamshire it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Buckinghamshire commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Buckinghamshire.
Due to the advice of my in-laws I had a survey completed on a property in Buckinghamshire before instructing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Buckinghamshire. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Buckinghamshire to see if the conveyancing will be more expensive.
Back In 2008, I bought a leasehold house in Buckinghamshire. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Buckinghamshire who previously acted has long since retired. What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Buckinghamshire conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a studio flat in Buckinghamshire, conveyancing was carried out in 2003. Can you work out an approximate cost of a lease extension? Comparable properties in Buckinghamshire with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2077
With 59 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you 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 considered and you obviously should 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.