My lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Shenstone. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 property lawyer will have no choice but to discontinue acting for you.
Are there restrictive covenants that are commonly identified during conveyancing in Shenstone?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Shenstone. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Shenstone I like with a park and railway links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Shenstone for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
In what way can the Landlord & Tenant Act 1954 affect my business offices in Shenstone and how can your lawyers assist?
The 1954 Act provides security of tenure to business lessees, granting the dueness to apply to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Shenstone is one of the many areas of the UK in which our lawyers are based
Been looking for a property lawyer for freehold sale conveyancing in Shenstone. I'm selling, simple no mortgage to pay off, no hurry, no onward purchase. Got an estimate from a solicitor for £1000 excluding VAT which is a little steep considering its so straightforward. Can I pay less for conveyancing in Shenstone?
Given that it’s a sale only, 475 + VAT should be about the best for a Shenstone solicitor firm.