My lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Crofton Park. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the lender?
Regardless of the fact 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 conditions. You and the bank are the client. These conveyancing instructions must be adhered to.
Will lawyers ask for an advanced payment for conveyancing in Crofton Park?
If you are buying a property in Crofton Park your lawyer will request that you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the purchase price then this should be required immediately prior to contracts are exchanged. The closing balance that is needed will be payable shortly before completion.
The estate agent has sent us the confirmation of our purchase of a new build flat in Crofton Park. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Crofton Park
Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Crofton Park I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Crofton Park for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
What does commercial conveyancing in Crofton Park cover?
Crofton Park conveyancing for business premises covers a wide range of services, supplied by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.