My lawyer has discovered a a problem with the lease for the flat we are buying in Victoria Dock. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding 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 provisions. You and the lender are the client. The appropriate lender requirements must be adhered to.
Do conveyancers ask for money up-front when it comes to conveyancing in Victoria Dock?
Where you are retaining lawyers for conveyancing in Victoria Dock your solicitor will request that you put them with funds to cover the search fees. Generally this is needed to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be needed shortly ahead of exchange of contracts. The final balance that is due will be payable shortly before completion.
We're in Victoria Dock, FTBs purchasing with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Back In 2007, I bought a leasehold flat in Victoria Dock. Conveyancing and Barclays Direct mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Victoria Dock who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Victoria Dock conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a basement flat in Victoria Dock, conveyancing formalities finalised in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Victoria Dock with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2104
With 79 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
We are thinking of using an online conveyancing practitioner as opposed to a Victoria Dock conveyancing firm. Any advice?
There are advantages of being able to attend a local Victoria Dock conveyancing solicitor such as
- signing papers on short notice
- having face-to-face explanations of matters that need explaining
- the ability to raise concerns if matters go pear-shaped
When analysing estimates, look carefully for hidden extras. Most decent Victoria Dock high street solicitors give an all-inclusive figure. Many online companies seem to offer cheap fees, but have hidden 'extras' in the in the terms and conditions.