My solicitor has uncovered a defect with the lease for the flat we are purchasing in Shoeburyness. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must ensure that the lender is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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 conveyancer will have no choice but to discontinue acting for you.
I purchased a freehold property in Shoeburyness but still pay rent, why is this and what is this?
It’s unusual for properties in Shoeburyness and has limited impact for conveyancing in Shoeburyness 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
What does commercial conveyancing in Shoeburyness cover?
Shoeburyness conveyancing for business premises covers a wide array of advice, supplied by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, 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.
I am a negotiator for a long established estate agent office in Shoeburyness where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Shoeburyness conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
Shoeburyness Leasehold Conveyancing - A selection of Questions you should consider before buying
It would be wise to find out if the the lease includes any adverse restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Shoeburyness. If you love the flatin Shoeburyness but your dog is not allowed to live with you then you have a very difficult decision. This question is useful as a) areas can cause problems for the building as the common areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have complete disclosure You should be aware if it is no more than 80 years it will have adverse implications on the salability of the property. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering what this would cost. For most Shoeburynesslease extensions you would be be obliged to have been the owner of the premises for 24 months in order to be entitled to extend the lease.
I have been looking for Shoeburyness competitive conveyancing fees. Can I be sure that all the Shoeburyness law firms that are identified on your site are on the mortgage company conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Shoeburyness firm being on the lender conveyancing panel is not accurate.