Our solicitor has identified a defect with the lease for the apartment we are purchasing in Coulsdon. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender provisions have to be complied with.
I am the registered owner of a freehold premises in Coulsdon but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Coulsdon and has limited impact for conveyancing in Coulsdon but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Taking into account that I will soon spend hundreds of thousands of pounds on a two bedroom apartment in Coulsdon I wish to talk to a solicitor regarding theconveyancing before appointing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor who will be carrying out your property ownership legalities in Coulsdon.There is no ‘factory style conveyancing’ - every client is an important individual, not a file reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Coulsdon should be the amount on the final invoice that you are charged.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Coulsdon. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Coulsdon are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Coulsdon so you should seriously consider shopping around for a Coulsdon conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I have had difficulty in seeking a lease extension in Coulsdon. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Coulsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Coulsdon premises is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case affected 3 flats. The unexpired lease term was 75 years.
Our offer on house in Coulsdon has been accepted, the owner does however have a connected purchase. The vendors have put an offer on a flat, however it’s not been accepted yet, and has viewings of other flats in the pipeline. I have instructed a nearby conveyancing lawyer in Coulsdon. What should be my next step? When do I get the mortgage application with UBS started with UBS?
It is understandable to have apprehensions where there is a chain given your reluctance to incur expenses prematurely (home loan application is in the region of £1k, then valuation, Coulsdon conveyancing search costs, etc). First, you should check that your solicitor is on the UBS approved list. As to the next stages this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a rising market many buyers will apply for a home loan with UBS and pay for the survey and only if it was satisfactory would they pay their lawyer to move forward with the conveyancing in Coulsdon.