Our solicitor has identified a defect with the lease for the flat we are buying in Shenley. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the lender?
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 bank are the client. The appropriate lender requirements must be adhered to.
Do all mortgage companies provide you with an approved list of Shenley conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
Shenley conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
four months have elapsed since my purchase conveyancing in Shenley took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 premises 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 am looking for a leasehold apartment up to £305k and found one close by in Shenley I like with open areas and station nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Shenley suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Jane (my partner) and I may need to let out our Shenley garden flat for a while due to a new job. We instructed a Shenley conveyancing firm in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Shenley do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Shenley conveyancing firm to assist?
in cases where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to arrive at the premium.
An example of a Lease Extension case for a Shenley property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case related to 1 flat. The unexpired residue of the current lease was 71.73 years.