Our lawyer has discovered a defect with the lease for the flat we are buying in Belgravia. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must ensure that the mortgage company is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 property lawyer will have no choice but to discontinue acting for you.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Belgravia I like with open areas and railway links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Belgravia in this price bracket, 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 will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
How do I use the search facility to find a conveyancing lawyer in Belgravia on the approved list for my bank?
First choose a bank such as Santander, Skipton Building Society or Clydesdale then type in your preferred area a common one being Belgravia. Conveyancing organisations in Belgravia and further afield should be shown.
I am looking for a conveyancing practitioner in Belgravia for my house move. Is there any facility to see a solicitor's complaints history with the profession’s regulator?
One can see published Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after Jan 2008. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator may monitor call for training purposes.
I've recently bought a leasehold property in Belgravia. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the leaseholder of a basement flat in Belgravia. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
Where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, 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 decide the price payable.
An example of a Lease Extension case for a Belgravia property is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case was in relation to 1 flat. The unexpired residue of the current lease was 13.33 years.
What do I do if I am unhappy with the solicitor who undertook our conveyancing in Belgravia?
Occasionally the level of service you receive is not as you expect, and unfortunately sometimes matters do not go as planned. However there is recourse where you were not happy with your conveyancing in Belgravia. This varies from trying to resolve matters directly with them, through to reporting a lawyer to their regulator. If you remain dissatisfied you may consider getting in touch with the Legal Ombudsman.