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Showing posts from March, 2014

Leasehold Property and the CML Handbook

When acting for a client who is purchasing a property with the aid of a mortgage, a conveyancer is under an obligation to act within accordance of the duty of care to their client but also to the lender, writes Alice Seager, trainee with MJP Conveyancing.

The duty to the lender  is governed by the Council of Mortgage Lenders, who describe themselves as "the representative voice for the residential mortgage lending industry". 

They are  an industrial body representing mortgage lenders in the UK - its members consisting of banks, building societies and specialist lenders. It is estimated that the Council of Mortgage Lenders (CML) represents 90% of mortgage lending within the UK
Leasehold transactions are long accepted to involve extra work for conveyancers - it is imperative that onerous obligations are brought to the attention of clients. There are issues such as ground  rent and service charge etc to be brought to consider - but further the CML hand book imposes further conditi…

A Watertight Approach to Flood Insurance

With the Environment Agency citing that one in six homes in England are at risk from various forms of flooding, flood insurance has become a much debated topic of late. 
In the third of a series of articles penned by trainees of MJP Conveyancing as apart of the Company's ongoing training programme, Beth Slaughter writes:

Whilst Britain was battered by strong storms earlier this year, the conveyancing industry became inundated with concerns over the availability and affordability of flood insurance for homeowners. With the Water Bill currently passing through Parliament, this article indulges the national obsession with the weather, analysing the current political position as to flood insurance in relation to leasehold property, as well as what issues a potential purchaser of a leasehold property should be wary of when entering the leasehold property market.
Until June 2013, there existed an agreement between the UK government and the insurance industry which permitted individuals to …

Caveat emptor - Leasehold buyers beware!

The difference between freehold and leasehold is if you own a leasehold property you do not own the building or the land it sits on, instead you have the right to occupy the property for a fixed period of time. 
Here, writes Charlotte Ribbons, Trainee Solicitor with MJP Conveyancing, are some areas savvy leasehold buyers need to make sure they are clued up on before purchasing: 
The 'term' of the lease is important. This can typically be between 99 and 999 years. Mortgage companies will usually require there to be 70 years remaining on the term before they will lend. This is an area cash buyers should not ignore because if you later come to sell the property to a buyer needing a mortgage this will matter! It can be costly and time consuming to extend the lease term; what might seem like a 'bargain' may not be in the long run. 
Ground Rent - know your figures! This is the rent payable to the Landlord or Freeholder. It can be fixed or escalating. Your solicitor should draw …

Wind Farms: Friend or Foe to a home buyer?

Wind turbines  are on the increase and  this is of no surprise when the  UK is known to be one of the best locations for wind power in the world. 
The UK is ranked as the world's sixth largest producer of wind power, having recently overtaken France and Italy. 
Wind power delivers a growing fraction of the energy in the United Kingdom and at the beginning of January 2014, wind power in the United Kingdom consisted of 5,276 wind turbines.
The odds of encountering one of these turbines or a planing application for one to be installed are increasing.  The importance of identifying the location of a turbine and of any planning application when moving home  has now therefore become a feature of the legal due diligence involved when buying a new home. 
Your conveyancing lawyer needs to make sure the environmental search result covers wind energy and to ensure you are altered if there is a turbine in the immediate vicinity of the property you are looking to purchase. Your advisor should also…

Reconstructing your conveyancing practice

Moving to a new conveyancing approach with technology at its heart, which allows you to keep track of any transaction at any time - and potentially involves lawyers for the other side - is a painful but necessary process, says David Pett as he shares his own recent experience:
Read Here:

Service Charge – Could the monopoly finally be coming to an end?

Our business attaches a high value to training and as such we actively encourage all of our junior staff to compile articles on subjects which are of interest and which contain elements which will be of interest to consumers. 
In the first of these articles which forms part of our current training programme running for the next two months involving leasehold Kris has chosen a topic dear to any one which has purchased a leasehold property in the past.      
The article focuses on the hidden costs of purchasing a leasehold flat or house and of the efforts being made to bring about the long overdue changes needed to ensure this sector of the housing market is adequately regulated.
Kris would welcome your feedback and can be contacted at
David Pett Director 5/3/2014
Kris writes:
As conveyancing business with over 100 live leasehold transactions at any point in time, a major conflict which we attempt to placate and pacify on a daily basis is the freeholder …