My conveyancer has uncovered a a problem with the lease for the apartment we are purchasing in Wooburn Green. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
I am about to put a bid on a leasehold property in Wooburn Green. The estate agents assure me that it is usual for flats in Wooburn Green to have less than 75 years remaining. I am obtaining a mortgage with Virgin. Is this going to be acceptable if the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/12/2024 the requirements read as follows :
I am buying my first flat in Wooburn Green with a mortgage from The Royal Bank of Scotland. The developers would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not to tell my solicitor about the side-deal as it would jeopardize my mortgage with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a property in Wooburn Green before instructing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies may refuse to give a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wooburn Green. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wooburn Green to see if the conveyancing costs will increase in light of this.
Having checked my lease I have discovered that there are only Fifty years left on my flat in Wooburn Green. I need to extend my lease but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to find the lessor. For most situations an enquiry agent would be useful to try and locate and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Wooburn Green.
I purchased a garden flat in Wooburn Green, conveyancing having been completed March 1995. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Wooburn Green with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2076
With only 52 years left to run we estimate the price of your lease extension to span between £29,500 and £34,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.