My solicitor has uncovered a defect with the lease for the flat we are buying in Eastleigh. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must check that the bank is content with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the lender 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 provisions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
What can a local search tell me about the property my wife and I purchasing in Eastleigh?
Eastleigh conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Xpress Legal The local search plays an important part in many a Eastleigh conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search will supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
How does conveyancing in Eastleigh differ for new build properties?
Most buyers of new build residence in Eastleigh contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Eastleigh usually acquire the site, 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 accustomed to new build conveyancing in Eastleigh or who has acted in the same development.
Back In 2008, I bought a leasehold house in Eastleigh. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Eastleigh who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Eastleigh conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a ground floor flat in Eastleigh, conveyancing formalities finalised in 1996. Can you work out an approximate cost of a lease extension? Comparable flats in Eastleigh with an extended lease are worth £202,000. The ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2074
With only 56 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
Do I cancel the direct debit for my mortgage with Clydesdale as soon as a completion date for my sale in Eastleigh has been agreed?
You would be well advised to keep paying any mortgage payments to Clydesdale pending the mortgage being repaid from the proceeds of sale as part of your Eastleigh conveyancing.