Our solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Sneinton. The other side have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. 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 lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Why is leasehold purchase conveyancing in Sneinton is more expensive?
The conveyancing fees on a leasehold property in Sneinton is frequently greater when contrasted to a freehold residence. This is because there is an amount of supplemental work necessary in communicating with the landlord and management company to collate the evidence about whether the rent and maintenance charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the block.
My grandfather passed away six months ago and as sole heir and executor I was left the property in Sneinton. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
3 months have elapsed following my purchase conveyancing in Sneinton concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have recently realised that I have 68 years unexpired on my lease in Sneinton. I now wish to extend my lease but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have done all that could be expected to locate the landlord. In some cases an enquiry agent would be helpful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Sneinton.
I invested in buying a garden flat in Sneinton, conveyancing was carried out in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Sneinton with an extended lease are worth £222,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2095
With only 70 years remaining on your lease we estimate the price of your lease extension to span 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 cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.