I was notified recently by my broker that my Barbican solicitor is not on the bank Conveyancing panel. How can I be sure if this is correct?
The first thing you need to do is to contact your Barbican conveyancer. You lawyer should inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
How do I check that the solicitor conducting my conveyancing in Barbican is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Aldermore thus spending £192.00 in another set of conveyancing fees.
Feel free to make use of the search tool on this web page. Please choose the lender and type ‘Barbican’ or your location and you will discover a number of lawyer offices in Barbican or nearest you.
Just had an offer accepted on a new build apartment in Barbican. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Barbican
Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Barbican is the location of the property. Is there any guidance you can give?
Flying freeholds in Barbican are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Barbican you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barbican may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We have reached the end of our tether in trying to purchase the freehold in Barbican. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension case for a Barbican property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired term as at the valuation date was 72.39 years.
What makes a Barbican lease unacceptable for security purposes?
Leasehold conveyancing in Barbican is not unique. All leases are drafted differently and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Leeds Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
I own a leasehold flat in Barbican. Conveyancing was finished in five years ago. I have been told that I mustn’t allow the lease length fall too low. Is this correct?
Barbican leasehold properties are for a fixed term - usually 99 years when they are first granted. However a significant appartments in Barbican were constructed or converted in the 60’s and so these leases now have under eighty years unexpired. This may sound like a long time however Banks, Building Societies and other mortgage institutions on the whole require leases to have at least 75 years unexpired to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To optimize your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore strong financial reasons to doing so before the lease hits 80 years as when the lease is below 80 years the amount to be paid to extend starts to escalate.