Our conveyancer has uncovered a defect with the lease for the apartment we are purchasing in Wickford. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must check that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
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 specifications 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 mortgage company are the client. These conveyancing instructions must be adhered to.
I used Arc property Solicitors a few years ago for my conveyancing in Wickford. I now require my file but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Wickford of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Wickford I like with open areas and railway links in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Wickford in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I work for a long established estate agency in Wickford where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Wickford conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Wickford Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
Best to be warned whether fixing the lift or some other significant cost is coming up to be shared amongst the leaseholders and may well dramatically impact the level of the maintenance fees or result in a specific invoice. What restrictions are contained in the Wickford Lease? Is the freehold reversion owned jointly by the leaseholders?
I have been informed by various family members that it should take up to two months for Wickford conveyancing to complete.This was four weeks ago. The paperwork was only received from the vendors solicitor a couple of days ago so does the clock start running now?
You need to be pragmatic about timelines. Moving home in Wickford takes on average about ten weeks. This time period is not due to conveyancing practitioner being slow and willfully delay matters. The amount of money involved in purchasing any property is so high, the purchaser's solicitor having to carry out a wide range of queries, searches and further checks to protect the buyer and their lender (if there is to be a home loan) from expensive, avoidable problems. Conveyancing in Wickford involves getting information from various third parties, for example other conveyancing practitioner, local councils, private companies, building societies and banks. Many of these are efficient. Plenty aren't. Finally, no matter how quickly your conveyancer do their job, if the people you are buying from or are selling to aren't ready, nothing can go ahead until they are.