My solicitor has uncovered a a legal deficiency with the lease for the apartment we are buying in Carlton. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
4 months have gone by since my purchase conveyancing in Carlton concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey completed on a property in Carlton in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders may refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Carlton. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I purchased a leasehold flat in Carlton. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Carlton who previously acted has long since retired. What should I do?
First contact HMLR to make sure that this person is indeed the new freeholder. You do not need to instruct a Carlton conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a 2 bed flat in Carlton, conveyancing having been completed April 2012. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Carlton with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2083
With only 63 years remaining on your lease we estimate the price of your lease extension to be between £16,200 and £18,600 as well as professional fees.
The suggested premium range 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 comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I cannot be present at my Carlton conveyancing lawyers office to sign documents for conveyancing in Carlton – is this a problem?
You need not be concerned. Carlton conveyancing solicitors can conduct home moves for clients throughout the rest of the country. It is not necessary for you to be able to be present a Carlton conveyancers office. They can undertake all communications remotely from their Carlton office.