My conveyancer has identified a a problem with the lease for the property we are purchasing in Eaton Bray. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the mortgage company is content with this solution. Are we the client or is the bank?
Even though 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 bank are the client. The appropriate lender provisions have to be complied with.
We just had an offer accepted to buy with Melton Mowbray Building Society. We have called around locally yet cant to find a Eaton Bray conveyancing firm on the Melton Mowbray Building Society approved list. Please you assist?
You should make the most of the find a lender approved solicitor tool on this site. Pick the building society and type Eaton Bray or your location and you will be presented with a number of lawyer offices in Eaton Bray or nearest you.
Do commercial conveyancing searches reveal proposed roadworks that may impact a commercial land in Eaton Bray?
Many commercial conveyancing solicitors in Eaton Bray will order a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Eaton Bray. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Eaton Bray.
For every commercial conveyancing transaction in Eaton Bray it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Eaton Bray commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Eaton Bray.
I have been on the look out for a flat up to £305k and found one close by in Eaton Bray I like with amenity areas and transport links in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Eaton Bray for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Can you offer any advice when it comes to appointing a Eaton Bray conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Eaton Bray conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Eaton Bray conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
How familiar is the firm with lease extension legislation?
I inherited a leasehold flat in Eaton Bray, conveyancing having been completed 3 years ago. How much will my lease extension cost? Similar flats in Eaton Bray with over 90 years remaining are worth £227,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2094
With only 71 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.