Our conveyancer has discovered a a problem with the lease for the flat we are buying in Martock. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
The deeds to our property are lost. The lawyers who dealt with the conveyancing in Martock 5 years ago have long since closed. What are my next steps?
Gone are the days when you need to hold title deeds to prove you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
Hoping to buy a property located in Martock and I am already nervous. I couldn't find anything specific about Martock. Conveyancing will be needed in due course but do you know about the Martock area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Martock. In the meantime here are some basic statistics that we found
I own a leasehold flat in Martock. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Martock who previously acted has long since retired. Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Martock conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 2 bed flat in Martock, conveyancing having been completed in 2007. How much will my lease extension cost? Equivalent flats in Martock with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2095
With only 70 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
Our financial adviser has suggested using their conveyancing practitioner for the conveyancing in Martock - Is it not simpler advisable to just use them?
It is worth checking if the estate agent is recommending a conveyancer or introducing to a solicitor. There are plenty of Martock selling agents who recommend two or three Martock conveyancing firms purely based on those lawyers offering a great service.