Our lawyer has identified a defect with the lease for the apartment we are purchasing in Mid Wales. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
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 property 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
What can a local search inform me about the property we're purchasing in Mid Wales?
Mid Wales conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example PSG The local search plays an important role in many a Mid Wales conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search will provide 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 headings.
I opted to have a survey carried out on a property in Mid Wales prior to instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks tend refuse to grant a mortgage on this type of home.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you call us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mid Wales. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for purchase conveyancing in Mid Wales. I've discover a web site which appears to be the perfect solution If it is possible to get all this stuff completed via email that would be preferable. Do I need to be wary? What should out be looking out for?
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?
My wife and I purchased a leasehold flat in Mid Wales. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Mid Wales who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Mid Wales conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a basement flat in Mid Wales, conveyancing was carried out in 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Mid Wales with an extended lease are worth £227,000. The ground rent is £50 levied per year. The lease terminates on 21st October 2091
With just 72 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns 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 before getting professional advice.