Our solicitor has identified a a problem with the lease for the apartment we are purchasing in Shrewsbury. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the lender is happy with this solution. Are we the client or is 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 solicitor 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 solicitor will have no choice but to discontinue acting for you.
I am purchasing my first flat in Shrewsbury benefiting from help to buy. The sellers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not inform my solicitor about the side-deal as it may affect my loan with Yorkshire Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey carried out on a house in Shrewsbury ahead of retaining solicitors. I have been told that there is a flying freehold element to the property. My surveyor advised that some lenders tend not grant a mortgage on such a home.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shrewsbury. Conveyancing will be smoother if you use a solicitor in Shrewsbury especially if they are familiar with such properties in Shrewsbury.
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Shrewsbury. I now want to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the lessor. In some cases an enquiry agent should be useful to carry out a search and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Shrewsbury.
I invested in buying a basement flat in Shrewsbury, conveyancing was carried out in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Shrewsbury with a long lease are worth £195,000. The ground rent is £45 per annum. The lease terminates on 21st October 2087
With 62 years left to run the likely cost is going to span between £17,100 and £19,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
At long last our conveyancing in Shrewsbury completes on Friday, but the people I am purchasing off wishes to vacate 24 hours later at noon. Can I accept this?
It is not possible to complete on a Saturday due to the bank systems aren't working.