My lawyer has uncovered a a legal deficiency with the lease for the flat we are purchasing in Desborough. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the lender is happy 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 lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. 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 solicitor will have no choice but to discontinue acting for you.
Me and my partner are buying a flat in Desborough. I might seem paranoid but how we can trust a conveyancer? At some point we will need to deposit money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am helping my niece sell her flat in Desborough. Does the conveyancer arrange the energy performance certificate or do I organise this?
Following the abolition of Home Packs, energy assessments was maintained a required component of moving house. An energy assessment must be commissioned before the property is advertised. It is not a task that lawyers ordinarily arrange. If you are instructing a Desborough conveyancing solicitor they may be able to arrange energy performance certificates due to their contacts with long established local assessors
Completion of my remortgage has taken place for my property in Desborough. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Should my lawyer be making enquiries about flooding during the conveyancing in Desborough.
The risk of flooding is if increasing concern for solicitors dealing with homes in Desborough. There are those who buy a house in Desborough, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Desborough. The conventional set of information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to determine whether the property has suffered from flooding. In the event that the property has been flooded in past and is not notified by the vendor, then a buyer may issue a legal claim for losses stemming from an incorrect response. The buyer’s conveyancers will also carry out an enviro report. This will reveal whether there is a recorded flood risk. If so, additional inquiries should be conducted.
How does conveyancing in Desborough differ for new build properties?
Most buyers of new build or newly converted property in Desborough come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Desborough usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Desborough or who has acted in the same development.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Desborough. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Desborough are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Desborough in which case you should be looking for a Desborough conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I invested in buying a split level flat in Desborough, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Desborough with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2078
With 52 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 plus costs.
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 detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to 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.