My solicitor has uncovered a a legal deficiency with the lease for the flat we are purchasing in Guildford. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your lawyer 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 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 lawyer will have no choice but to discontinue acting for you.
My wife and I are selling our house in Guildford and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed an online conveyancing practice rather than a conveyancing solicitor in Guildford. Having lived in Guildford for three years we know that this is a non issue. Should we get in touch with our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Guildford differ for newly converted properties?
Most buyers of new build property in Guildford come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Guildford typically acquire the land, 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 Guildford or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in Guildford I like with amenity areas and railway links nearby, however it's only got 52 years on the lease. I can't really find anything else in Guildford suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Guildford and how can you help?
The 1954 Act gives a safeguard to business tenants, giving them the dueness to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Guildford