Our lawyer has discovered a a problem with the lease for the flat we are purchasing in South Petherton. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company 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 requirements. You and the lender are the client. The appropriate lender conditions must be adhered to.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. South Petherton is where the house is located. Is there any advice you can impart?
Flying freeholds in South Petherton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside South Petherton you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Petherton may determine 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 premises.
I am a sole trader wishing to take over a lease of a shop on a shopping parade. Can you recommend lawyers offering fixed fees for commercial conveyancing in South Petherton for less than 2k?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in South Petherton, including the disposal and purchase of businesses as well as simply property. If you are intending to acquire or sell a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right firm. Regarding the fees these will vary based on the structure and complexity of the deal. Let us have your contact information or email us so that we can furnish you with comprehensive commercial conveyancing calculation.
My husband and I are new to the buying process - had an offer accepted, but the estate agent has warned us that the seller will only go ahead if we use their preferred conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a local conveyancer used to conveyancing in South Petherton
It is improbable the sellers are behind this. Should the seller want ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Speak to the owners direct and explain that (a)you are serious purchasers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to appoint your preferred South Petherton conveyancing lawyers - not the ones that will provide the estate agent a commission or achieve conveyancing thresholds set by HQ.
Harry (my fiance) and I may need to let out our South Petherton 1st floor flat temporarily due to taking a sabbatical. We used a South Petherton conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous South Petherton conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the property. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain permission from your landlord or some other party in advance of subletting. This means that you cannot sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
South Petherton Leasehold Conveyancing - A selection of Queries before buying
How is the lease structured? Does this lease have more than 80 years unexpired? How much is the ground rent and service charge?