My solicitor has discovered a a legal deficiency with the lease for the flat we are purchasing in Swiss Cottage. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer 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 mortgage company 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.
Will my conveyancer be raising questions about flooding during the conveyancing in Swiss Cottage.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Swiss Cottage. Plenty of people will buy a house in Swiss Cottage, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or by their lawyers which should give them a better understanding of the risks in Swiss Cottage. The standard information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to find out if the premises has suffered from flooding. In the event that the property has been flooded in past which is not disclosed by the owner, then a purchaser could commence a compensation claim stemming from an incorrect answer. The purchaser’s lawyers will also order an environmental report. This should higlight whether there is a recorded flood risk. If so, further investigations should be carried out.
Due to the input of my in-laws I had a survey completed on a property in Swiss Cottage prior to instructing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some banks will not grant a mortgage on such a premises.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Swiss Cottage. Conveyancing will be smoother if you use a solicitor in Swiss Cottage especially if they are familiar with such properties in Swiss Cottage.
Do you have any top tips for leasehold conveyancing in Swiss Cottage with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Swiss Cottage can be avoided if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers’ representatives. You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. The majority of landlords or managing agents in Swiss Cottage levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Swiss Cottage. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate can be a lengthy process and delays many a Swiss Cottage conveyancing transaction. If a duplicate share is required, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible. If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
After years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Swiss Cottage. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Swiss Cottage conveyancing firm who can help.
An example of a Lease Extension decision for a Swiss Cottage property is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case affected 2 flats. The unexpired lease term was 16.83 and 16.43.
What is the best way of identifying a cost effective conveyancing in Swiss Cottage?
First ask your friends and family who they used in the past and if they were happy with the service. Option 2 is to look on the web for conveyancing in Swiss Cottage. Call two or three from the list and ask them to email you their conveyancing fees and discuss your needs with the solicitor who will handle your conveyancing before you commit. Option 3 is to make use of our search tool to help you find the right solicitors taking into account your unique requirements including location,speed, complexity and who your intended mortgage company is.Avoid the trap of appointing £99 conveyancing solicitors in Swiss Cottage