My solicitor has discovered a a problem with the lease for the apartment we are buying in Hawkshead. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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.
As someone with no idea as to conveyancing in Hawkshead what’s the number one tip you can impart for the house moving process in Hawkshead
Not many law firms or advisers will tell you this but conveyancing in Hawkshead or throughout Cumbria is an adversarial process. In other words, when it comes to conveyancing there exists an abundance of room for conflict between you and other parties involved in the legal transfer of property. For instance, the vendor, property agent and even potentially a lender. Selecting a solicitor for your conveyancing in Hawkshead should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the process whose responsibility is to protect your legal interests and to protect you.
We are witnessing a worrying creep in the "blame" culture- someone must be blamed for the process taking so long. We recommend that you your first instinct should be to trust your lawyer above all other parties when it comes to the legal transfer of property.
Should my lawyer be raising enquiries regarding flooding during the conveyancing in Hawkshead.
Flooding is a growing risk for solicitors conducting conveyancing in Hawkshead. Some people will acquire a house in Hawkshead, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a numerous searches that may be undertaken by the purchaser or by their solicitors which should figure out the risks in Hawkshead. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to determine if the property has suffered from flooding. If the property has been flooded in past which is not notified by the vendor, then a buyer may bring a compensation claim resulting from an incorrect reply. The purchaser’s solicitors will also order an environmental search. This should disclose if there is a recorded flood risk. If so, additional inquiries should be made.
How does conveyancing in Hawkshead differ for newly converted properties?
Most buyers of new build or newly converted property in Hawkshead come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because developers in Hawkshead typically buy 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 conveyancing solicitors 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 Hawkshead or who has acted in the same development.
My wife and I may need to rent out our Hawkshead garden flat temporarily due to a new job. We used a Hawkshead conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Hawkshead do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I invested in buying a 2 bed flat in Hawkshead, conveyancing having been completed June 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Hawkshead with a long lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2069
You have 50 years unexpired we estimate the premium for your lease extension to range between £32,300 and £37,400 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.