We have agreed to purchase a house in Otford. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
As your lender is Co-operative your lawyer must comply with the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook contains minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Co-operative where a lease does not satisfy these specifications. The conditions relate to the installation of panels on properties nationwide and is not isolated to Otford.
I'm at the point of viewing apartments in Otford and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with TSB.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are getting a mortgage with TSB, make sure you remember to check that your lawyer is on the TSB conveyancing panel.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Otford property lawyer on the Skipton panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Otford is where the house is located. Can you shed any light on this issue?
Flying freeholds in Otford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Otford you must be sure that your lawyer goes 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 Otford 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.
Should I choose a Otford conveyancing lawyer based in the area that I am hoping to buy? I have an old university friend who can handle the conveyancing however they are based 400miles drive away.
The primary upside of using a high street Otford conveyancing firm is that you can visit the firm to sign documents, hand in your identification documents and pester them if necessary. They will also have local knowledge which is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and they were happy that should surpass using an unknown Otford conveyancing solicitor just because they are round the corner.
I have just started marketing my basement apartment in Otford. Conveyancing is yet to be initiated, however I have recently received a half-yearly service charge invoice – Do I pay up?
It best that you discharge the invoice as usual as all ground rent and service invoices will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a leasehold flat in Otford, conveyancing having been completed 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Otford with an extended lease are worth £211,000. The ground rent is £45 yearly. The lease finishes on 21st October 2093
With just 68 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Our solicitor in Otford has uncovered a a problem with the lease for the apartment we are purchasing in Otford. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.