Our lawyer has identified a defect with the lease for the apartment we are purchasing in Henleaze. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions have to be complied with.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather use a Henleaze based conveyancing firm?
Do check but the chances are that appoint one of their panel lawyers should you take up the "fee-free" incentive. Speak to the bank and see if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Henleaze.
I have a semi-detached Edwardian property in Henleaze. Conveyancing solicitor represented me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the matching address. Is it worth asking Leeds Building Society to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Henleaze and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing lawyer who completed the work.
Back In 2003, I bought a leasehold flat in Henleaze. Conveyancing and Nottingham Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Henleaze who acted for me is not around. Do I pay?
First contact HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Henleaze conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a split level flat in Henleaze, conveyancing having been completed 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Henleaze with over 90 years remaining are worth £175,000. The ground rent is £65 levied per year. The lease ceases on 21st October 2079
With 58 years left to run we estimate the price of your lease extension to range between £23,800 and £27,400 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
Why do I have to supply my solicitor with various items of ID ahead of starting selling or buying a property in Henleaze?
Henleaze lawyers are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to certify that the have verified the identity of their clients. It is also sometimes a condition of your bank where you are taking a mortgage. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and DOB.