I have 71 years remaining on my lease and require a lease extension for my flat in Jarrow. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 26/6/2020 the requirements read as follows :
I know that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a house in Jarrow? or Apparently there is historic law that means some house owners living in a parish church boundary will be compelled to contribute towards repairs towards the chancel in proximity to the church. Is this applicable for conveyancing in Jarrow?
Unless a prior purchase of the house completed post 12 October 2013 you may expect solicitors delivering conveyancing in Jarrow to remain encouraging a chancel search and or insurance against a claim.
It has been 4 months since my purchase conveyancing in Jarrow took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Jarrow with a mortgage from Chelsea Building Society. The builders would not reduce the amount so I negotiated 6k of additionals instead. The house builders rep told me not inform my solicitor about this side-deal as it could jeopardize my mortgage with Chelsea Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am a negotiator for a reputable estate agency in Jarrow where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Jarrow conveyancing firms. Can you clarify whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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.
Jarrow Leasehold Conveyancing - A selection of Queries Prior to Purchasing
Who are the managing agents? The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently employed if it is bigger than a house conversion, the managing agent employed by the leaseholders. It would be wise to discover as much as you can regarding the company managing the building as they will either make life much simpler or problematic. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day issues such as the tidiness of the common parts. Ask other people whether they are happy with them. Finally, find out the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending the funds.