Our solicitor has discovered a a legal deficiency with the lease for the property we are purchasing in East and West Horsley. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer says that he must check that the lender is willing to move forward 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 conveyancer 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.
Can you explain why leasehold purchase conveyancing in East and West Horsley costs more?
In short, leasehold conveyancing in East and West Horsley and Surrey usually warrants more hours of investigation compared to freehold conveyancing. This includes reviewing the lease, corresponding with the landlord concerning the service of required notices, securing current service charge and management information, securing the landlord’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 granted.
My house in East and West Horsley is up for sale and I have a buyer. Does the conveyancing practitioner have to be required to be on the Co-operative conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
My company is wishing to lease a unit on the high street. Can you recommend solicitors offering fixed costs for non-domestic conveyancing in East and West Horsley for under 2k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in East and West Horsley, including the disposal and acquisition of businesses as well as simply property. If you are hoping to purchase or lease a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right lawyer. Regarding the fees this will depend on the structure and heads of terms of the proposed transaction. Please provide us with your contact information or telephone us so that we may supply you with comprehensive commercial conveyancing calculation.
My wife and I purchased a leasehold flat in East and West Horsley. Conveyancing and Leeds Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in East and West Horsley who previously acted has now retired. What should I do?
First contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a East and West Horsley conveyancing firm to do this as it can be done on-line for £3. Rest assured 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 bought a studio flat in East and West Horsley, conveyancing formalities finalised in 2011. Can you work out an approximate cost of a lease extension? Corresponding properties in East and West Horsley with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2078
With 59 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.