My solicitor has discovered a a problem with the lease for the flat we are purchasing in Horsford. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner 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 bank 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 solicitor will have no choice but to discontinue acting for you.
What is the best way to check that the solicitor handling my conveyancing in Horsford is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus paying £187.00 plus VAT in additional legal fees.
You should make the most of the find a lender approved solicitor tool on this site. Please choose the mortgage company and type ‘Horsford’ or your location and you will discover a number of lawyer located in Horsford or nearest you.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, no chain conveyancing. Horsford is the location of the property. Can you shed any light on this issue?
Flying freeholds in Horsford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Horsford you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Horsford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to find a conveyancing solicitor for remortgage conveyancing in Horsford. I have land on a web site which looks to be the ideal offering If it is possible to get all formalities done via phone that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I would like to sublet my leasehold flat in Horsford. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your last Horsford conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent from your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining permission. The consent should not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I bought a garden flat in Horsford, conveyancing having been completed 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Horsford with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease terminates on 21st October 2079
With just 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.