My lawyer has identified a a legal deficiency with the lease for the apartment we are purchasing in Aspley Guise. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank 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 specifications. You and the lender are the client. The appropriate lender specifications must be adhered to.
I am purchasing a right to buy a flat in Aspley Guise. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Aspley Guise you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Aspley Guise.
I have a semi-detached Georgian house in Aspley Guise. Conveyancing lawyer represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the exact same address. Is it worth asking Nationwide Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Aspley Guise and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing solicitor who conducted the work.
How does conveyancing in Aspley Guise differ for newly converted properties?
Most buyers of new build residence in Aspley Guise approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Aspley Guise typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Aspley Guise or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Aspley Guise is where the house is located. Can you shed any light on this issue?
Flying freeholds in Aspley Guise are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aspley Guise you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aspley Guise 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 property.
I have just appointed agents to market my garden apartment in Aspley Guise. Conveyancing lawyers have not yet been instructed, but I have just received a quarterly maintenance charge demand – what should I do?
It best that you clear the maintenance contribution as usual given that all rents and maintenance charges should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until 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. This will smooth the conveyancing process.
I acquired a garden flat in Aspley Guise, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Aspley Guise with an extended lease are worth £191,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2079
With only 53 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered 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 without first seeking the advice of a professional.