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Recently asked questions about conveyancing in Buckley

My solicitor has discovered a defect with the lease for the property we are purchasing in Buckley. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the lender?

Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions must be adhered to.

Is there a reason why leasehold purchase conveyancing in Buckley is more expensive?

In short, leasehold conveyancing in Buckley and elsewhere usually warrants additional hours of investigation compared to freehold conveyancing. This includes lease investigation, communicating with the landlord about the service of appropriate notices, securing up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.

How does the Landlord & Tenant Act 1954 impact my business premises in Buckley and how can your lawyers assist?

The 1954 Act provides protection to commercial leaseholders, giving them the a statutory right to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Buckley is one of our many areas of the UK in which our lawyers have offices

What are the common deficiencies that you see in leases for Buckley properties?

There is nothing unique about leasehold conveyancing in Buckley. All leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

    Insurance obligations Clauses dealing with recovering service charges for expenditure on the building or common parts.

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

Buckley Leasehold Conveyancing - A selection of Queries before buying

    How long is the Lease? How much is the maintenance charge and ground rent on the apartment? Many Buckley leasehold properties will be liable to pay a service bill for the upkeep of the building invoiced on behalf of the landlord. If you purchase the flat you will have to pay this charge, usually in instalments throughout the year. This can be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge to be met annual, this is usually not a significant figure, say approximately £25-£75 but you should to enquire as on occasion it could be many hundreds of pounds.

I need to switch lawyers as my Buckley lawyer is not on the bank's approved list of conveyancing solicitors. How simple is it to change conveyancer?

In the event that you have not formally appointed a conveyancer to do anything for you and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Buckley that you're considering.

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