Our lawyer has identified a a problem with the lease for the apartment we are purchasing in Brading. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our has advised that 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 mortgage company are the client. Your must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 will have no choice but to discontinue acting for you.
My wife and I have a renovated Victorian house in Brading. Conveyancing practitioner represented me and . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Brading and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with your conveyancing lawyer who conducted the purchase.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Brading I like with open areas and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Brading suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I am a sole trader intending to lease a unit on the high street. Can you recommend conveyancers offering competitive charges for non-domestic conveyancing in Brading for less than £1,200?
We can recommend firms who have specialist knowledge of commercial conveyancing in Brading, including the disposal and acquisition of businesses as well as simply premises. If you are intending to acquire or lease a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right solicitor. As for the costs these will vary based on the structure and complexity of the deal. Let us have your contact information or email so as to enable us to supply you with a fixed commercial conveyancing quote.
My husband is purchasing a leasehold apartment in Brading. Conveyancing quotes are averaging around £1650. Is that reasonable?
The average cost in 2014 for conveyancing in Brading was £1,395 not including Stamp Duty and Land Registry fees.