My solicitor has identified a defect with the lease for the property we are purchasing in East Sheen. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. 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.
I need some expedited conveyancing in East Sheen as I have a deadline to sign on the dotted line in less than 4 weeks. A mortgage is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are not getting a home loan you have the choice not to have searches conducted although no solicitor would advise that you don't. With plenty of history conveyancing in East Sheen the following are examples of issues that can be revealed and adversely impact future saleability: Enforcement Actions, Overdue Charges, Outstanding Grants, Road Schemes,...
I have been on the look out for a ground for flat up to £195,000 and found one near me in East Sheen I like with a park and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in East Sheen for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan that many years will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
What does commercial conveyancing in East Sheen cover?
Commercial conveyancing in East Sheen incorporates a wide range of services, given by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Last October I purchased a leasehold house in East Sheen. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a East Sheen conveyancing firm to represent me?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Freehold Enfranchisement matter before the tribunal for a East Sheen flat is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case affected 3 flats. The number of years remaining on the existing lease(s) was 66.25 years.