We are acquiring a newly built duplex in Weybridge and my lawyer is advising me that she is duty bound to the lender to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Just had an offer accepted on a new build apartment in Weybridge. 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.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Weybridge
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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. Please confirm the Lease plans are architect prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Due to the advice of my in-laws I had a survey completed on a property in Weybridge prior to instructing lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some lenders will refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Weybridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Weybridge to see if the conveyancing costs will increase in light of this.
I am employed by a busy estate agent office in Weybridge where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Weybridge conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 has to be done 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 purchaser.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Weybridge conveyancing firm to assist?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Lease Extension case for a Weybridge premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired lease term was 82.93 years.
We own a leasehold flat in Weybridge. Conveyancing was completed in 2011. I have read on numerous consumer forums that I mustn’t let the the remaining lease term to fall too low. What is the reasoning?
Weybridge leasehold properties are for a fixed term - usually just under one hundred years when they are first granted. However a significant appartments in Weybridge were constructed or converted 25 or more years ago and so such leases now have fewer than 80 years left to run. That may seem like plenty of time but Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years unexpired to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing 75 years. To enhance the marketability of your property you should be considering whether to extend your lease well in advance of selling the property. Please note that there are advantages to taking action before the lease hits 80 years as when the lease falls below 80 years the amount you have to pay to extend starts to get a lot more expensive.