Our lawyer has identified a a legal deficiency with the lease for the flat we are purchasing in Oldbury. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the lender?
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 lawyer 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 lender 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 property lawyer will have no choice but to discontinue acting for you.
Are the Oldbury conveyancing solicitors identified as being on the Leeds Building Society conveyancing panel, together with their details provided by Leeds Building Society?
Oldbury conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Oldbury. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Oldbury
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I have been on the look out for a ground for flat up to £305k and found one near me in Oldbury I like with amenity areas and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Oldbury suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Looking forward to sign contracts shortly on a studio apartment in Oldbury. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Oldbury should include some of the following:
Your solicitors should enable you to have an understanding of the insurance requirements You should receive a copy of the lease Does the lease prohibit wood flooring? The physical ownership of the demise. This may be the flat itself but may include a attic or cellar if relevant. Does the lease prevent you from renting out the property, or having a home office for business
Oldbury Leasehold Conveyancing - A selection of Queries before Purchasing
Best to be warned if window replacement or some other major work is due shortly to be shared amongst the leaseholders and will dramatically increase the the service charges or require a specific invoice. The best form of lease arrangement is a share of the freehold. In this situation the lessees have control and notwithstanding that a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.