My lawyer has uncovered a a legal deficiency with the lease for the flat we are buying in Seaforth. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must check that the bank is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
Me and my brother purchased a semi-detached Edwardian property in Seaforth. Conveyancing solicitor represented me and Alliance & Leicester . I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for 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 Seaforth and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing lawyer who conducted the work.
How does conveyancing in Seaforth differ for new build properties?
Most buyers of new build premises in Seaforth come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Seaforth tend to 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 conveyancing solicitors 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 accustomed to new build conveyancing in Seaforth or who has acted in the same development.
I am in need of some leasehold conveyancing in Seaforth. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Seaforth - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a garden flat in Seaforth, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Seaforth with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2077
You have 52 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should 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 move forward placing reliance on this information before getting professional advice.
How and when do I cover the costs of stamp duty chargeable for my Seaforth property purchase?
The conveyancing practitioner should fill out a stamp duty return for you during your Seaforth purchase transaction for you to sign. After completion your lawyer will submit the STL Return Form to the Tax Authorities and - assuming they have the money - settle any Stamp Duty liability on your behalf.