Our conveyancer has uncovered a a problem with the lease for the flat we are purchasing in Chafford Hundred. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must ensure that the bank is content with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements 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 mortgage company are the client. The appropriate lender specifications must be adhered to.
My mortgage company has suggested solicitors on their panel based in Chafford Hundred but I would rather choose a conveyancing lawyer in Chafford Hundred or nearer to where I live. Can you assist?
Not all Chafford Hundred conveyancing practices are on all banks conveyancing panel. Do make the most of our search tool to choose a Chafford Hundred conveyancing firm on the on the mortgage company panel.
How does conveyancing in Chafford Hundred differ for new build properties?
Most buyers of new build property in Chafford Hundred come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Chafford Hundred tend to buy the land, 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 conveyancing solicitors 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 used to new build conveyancing in Chafford Hundred or who has acted in the same development.
I am a couple of weeks into a leasehold purchase having been referred to conveyancers by the selling agent to do our conveyancing in Chafford Hundred. I am am extremely frustrated with the level of service. Can you you assist me in finding new solicitors?
A lawyer would have to be very bad to suggest changing them. Has your mortgage offer been sent? If so you will need to inform them of the replacement conveyancer and get the offer are re-sent. Your solicitor ideally needs to be on the mortgage company panel to avoid added expenses and complications. That should be your starting point. The search tool should help you find a bank approved solicitor for your home move in Chafford Hundred
I am employed by a busy estate agency in Chafford Hundred where we have witnessed a few leasehold sales put at risk due to short leases. I have received contradictory information from local Chafford Hundred conveyancing firms. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as 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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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 extend the lease informally by agreement with the landlord 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 buyer.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Chafford Hundred conveyancing firm to help?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Lease Extension decision for a Chafford Hundred property 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 number of years remaining on the existing lease(s) was 76 years.