The Beacontree Heath conveyancing firm handling our Beacontree Heath conveyancing has identified a discrepancy when comparing the surveyor’s assumptions in the valuation survey and what is revealed within the title deeds. My lawyer says that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How does conveyancing in Beacontree Heath differ for newly converted properties?
Most buyers of new build premises in Beacontree Heath come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Beacontree Heath tend to purchase the site, 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 conveyancers 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 Beacontree Heath or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and identified one near me in Beacontree Heath I like with amenity areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Beacontree Heath in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I am a negotiator for a long established estate agency in Beacontree Heath where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Beacontree Heath conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Beacontree Heath. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Lease Extension case for a Beacontree Heath premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The remaining number of years on the lease was 61.36 years.
Our solicitor in Beacontree Heath has discovered a defect with the lease for the property we are purchasing in Beacontree Heath. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Beacontree Heath conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the lender