My solicitor has discovered a defect with the lease for the apartment we are purchasing in Wadhurst. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements 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 lender are the client. These conveyancing instructions must be adhered to.
I own a semi-detached Edwardian house in Wadhurst. Conveyancing solicitor acted for me and Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wadhurst and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing solicitor who carried out the work.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Wadhurst is the location of the property. What do you suggest?
Flying freeholds in Wadhurst are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wadhurst you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wadhurst 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.
My wife and I may need to sub-let our Wadhurst basement flat for a while due to a new job. We instructed a Wadhurst conveyancing practice in 2003 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Wadhurst do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I inherited a garden flat in Wadhurst, conveyancing having been completed in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Wadhurst with a long lease are worth £192,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2075
With just 54 years unexpired the likely cost is going to be between £32,300 and £37,400 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to 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.
How do I identify cost effective conveyancing in Wadhurst?
Option 1 is to ask the people you trust who they would recommend. Option 2 is to look on the internet for conveyancing in Wadhurst. Telephone two or three from the list and request that they send you their conveyancing quote and discuss your needs with the solicitor who will conduct your conveyancing before you commit. Option 3 is to make use of our search tool to assist you in finding the right lawyers taking into account your unique requirements including location,speed, complexity and who your intended mortgage company is.Resist the temptation to appoint lowest cost conveyancing solicitors in Wadhurst