It is 10 years ago since I acquired my home in Chafford Hundred. Conveyancing solicitors have recently been instructed on the sale but I can't track down the title documents. Will this jeopardise the sale?
You need not be too concerned. First there is a chance that the deeds will be kept by the mortgage company or they could be in the possession of the lawyers who handled the purchase. Secondly in most cases the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Almost all conveyancing in Chafford Hundred involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Chafford Hundred with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I have justbeen informed that Action Conveyancing have closed. They carried out my conveyancing in Chafford Hundred for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The easiest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Chafford Hundred conveyancing specialists.
I decided to have a survey done on a house in Chafford Hundred ahead of instructing lawyers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some lenders tend not grant a loan on this type of house.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chafford Hundred. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chafford Hundred to see if the conveyancing will be more expensive.
I am attracted to a couple of flats in Chafford Hundred which have approximately 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Chafford Hundred is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chafford Hundred conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Chafford Hundred conveyancing firm to help?
in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the price.
An example of a Lease Extension decision for a Chafford Hundred residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired lease term was 76 years.