Our solicitor has identified a a legal deficiency with the lease for the property we are buying in Thurston. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must ensure that the lender is content with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions have to be complied with.
Are the BSA intent on creating a search tool with a view to to identify firms on the Darlington Building Society conveyancing panel for instance in Thurston?
Lexsure has not been advised of any intention on the part of the BSA to promote such a search facility.
Will my solicitor be making enquiries about flooding during the conveyancing in Thurston.
Flooding is a growing risk for solicitors dealing with homes in Thurston. Some people will acquire a property in Thurston, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a number of searches that can be undertaken by the purchaser or by their lawyers which should give them a better appreciation of the risks in Thurston. The conventional set of property information forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to determine whether the premises has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a buyer may bring a compensation claim stemming from an inaccurate response. A buyer’s lawyers may also commission an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed investigations will need to be carried out.
How does conveyancing in Thurston differ for new build properties?
Most buyers of new build premises in Thurston contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Thurston usually buy 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 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 accustomed to new build conveyancing in Thurston or who has acted in the same development.
I would like to sublet my leasehold apartment in Thurston. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease governs relations between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Thurston do not prevent subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I invested in buying a basement flat in Thurston, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Thurston with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2102
With only 76 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.