Our solicitor has uncovered a defect with the lease for the apartment we are buying in Wymondham. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company 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 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 mortgage company are the client. The appropriate lender provisions have to be complied with.
Should our lawyer be making enquiries regarding flooding as part of the conveyancing in Wymondham.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Wymondham. Some people will acquire a house in Wymondham, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Wymondham. The standard information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past and is not notified by the seller, then a buyer could bring a compensation claim resulting from an incorrect reply. The purchaser’s conveyancers will also order an environmental report. This should higlight if there is a recorded flood risk. If so, additional investigations should be initiated.
I am looking for a flat up to £245,000 and found one close by in Wymondham I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Wymondham suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Back In 2006, I bought a leasehold house in Wymondham. Conveyancing and Aldermore mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Wymondham who previously acted has long since retired. Any advice?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Wymondham conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a garden flat in Wymondham, conveyancing was carried out 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Wymondham with an extended lease are worth £202,000. The ground rent is £60 charged once a year. The lease ceases on 21st October 2081
With only 57 years left to run we estimate the price of your lease extension to range between £28,500 and £33,000 plus professional fees.
The figure above 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 may be other issues 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 before seeking the advice of a professional.
Living abroad I am unable to travel my Wymondham conveyancing lawyers office to execute documents for conveyancing in Wymondham – will this be problematic?
You need not be concerned. Wymondham conveyancing solicitors can deal with home moves for clients from a distance. You are unlikely to be required to be present a Wymondham conveyancers office. They can handle all communications remotely from their Wymondham premises.