we are a couple who decided to purchase a newly converted flat in Arkley with a mortgage from Virgin Money.We use our Arkley conveyancing solicitor but Virgin Money informed us she’s not on their "panel". It seems we are left with no choice but to instruct a Virgin Money panel firm or keep our preferred solicitor and fork out for a Virgin Money panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains various provisions, one of which will be that lawyers will be on the Virgin Money conveyancing panel. Until recently, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Virgin Money
Just had an offer accepted on a new build apartment in Arkley. Conveyancing is necessary evil 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 legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Arkley
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. 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 supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am looking for a flat up to £195,000 and identified one close by in Arkley I like with a park and station nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Arkley suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
We're first time buyers - had an offer accepted, but the selling agent advised that the owners will only go ahead if we instruct their recommended conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor accustomed to conveyancing in Arkley
It is unlikely the vendors are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is not the way to achieve this. Contact the vendors directly and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you intend to use your preferred Arkley conveyancing lawyers - as opposed tothe ones that will provide the estate agent a kickback or hit his conveyancing thresholds pre-set by HQ.
I am employed by a reputable estate agent office in Arkley where we have experienced a few flat sales derailed due to short leases. I have received inconsistent advice from local Arkley conveyancing firms. Please can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
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.
I inherited a basement flat in Arkley. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Most certainly. We are happy to put you in touch with a Arkley conveyancing firm who can help.
An example of a Lease Extension case for a Arkley premises 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 affected 1 flat. The unexpired term as at the valuation date was 71.73 years.
One month into purchasing a property in Arkley. Conveyancing solicitor has called to say the property is "Leasehold". Should this impact the marketability of the house?
Arkley conveyancing does not normally involve leasehold houses. The key factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to affect the marketability significantly.
At the other extreme, if it's, say, Sixty years it will have a significant impact on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your property lawyer.