My lawyer has identified a a problem with the lease for the property we are buying in Peterborough. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the lender is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender provisions must be adhered to.
I just acquired a property at auction in Peterborough. Conveyancing is necessary. What is next?
Now that you have legally committed yourself to purchase you will need to hire the services of a conveyancing lawyer as a matter of urgency as you will have a pending deadline in which to complete the deal. All auction property should have a corresponding auction pack. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You must give this to the lawyer instructed by you ASAP. You also need to ensure that that you have the requisite funding in order to complete on the date specified in the contract.
When it comes to mortgage companies such as Kent Reliance, do Peterborough solicitors face a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
How can we tell if a Peterborough conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Peterborough obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer handling your transaction.
Should our solicitor be raising questions about flooding during the conveyancing in Peterborough.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Peterborough. Plenty of people will buy a property in Peterborough, completely expectant 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 get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Peterborough. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser could commence a legal claim for losses resulting from an incorrect reply. The buyer’s conveyancers should also carry out an enviro report. This should higlight if there is any known flood risk. If so, further investigations should be made.
How does the Landlord & Tenant Act 1954 affect my business offices in Peterborough and how can you help?
The 1954 Act affords a safeguard to commercial tenants, giving them the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Peterborough is one of the numerous locations in which the firms we work with have offices
I am looking at a couple of maisonettes in Peterborough both have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Peterborough. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorates and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I bought a garden flat in Peterborough, conveyancing formalities finalised in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Peterborough with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2071
With only 50 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.