Our lawyer has discovered a a problem with the lease for the property we are buying in Belvedere. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the bank is willing to move forward 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 lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Can you explain why leasehold purchase conveyancing in Belvedere is more expensive?
The conveyancing costs for a leasehold premises in Belvedere is often more expensive as compared to a freehold residence. This is because there is an amount of extra work necessary in communicating with the freeholder and managing agents to collate the evidence about whether the rent and maintenance fee have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
My brother-in-law has suggested I instruct a conveyancing solicitor in Belvedere. I I am struggling to find out if they are on the Santander approved list of lawyers. Can you or the lender confirm if they are on the panel?
You should e-mail your solicitor and ask them if they can act for the bank. Otherwise you should call Santander who may be able to assist.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Belvedere?
There are many registered licenced Conveyancers in Belvedere and Solicitor partnerships in Belvedere to choose from It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. The two can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Have just purchased a probate house at auction in Belvedere. Conveyancing is required. What is next?
Having for all intents and purposes signed on the dotted line you will need to hire the services of a conveyancing practitioner as a matter of priority as you are faced with a tight a fixed date to complete the conveyancing. An auction property should have a corresponding auction set of papers. This should include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold property the auction papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You should give this to the solicitor working for you ASAP. Do make sure that that you have the requisite funding in order to complete on the date specified in the contract.
Completion of my remortgage has taken place for my property in Belvedere. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am looking for a leasehold apartment up to £305k and found one round the corner in Belvedere I like with amenity areas and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Belvedere in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am employed by a busy estate agent office in Belvedere where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Belvedere conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension formalities 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. This means that the proposed purchaser can avoid having 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 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 have given up seeking a lease extension in Belvedere. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the price.
An example of a Lease Extension case for a Belvedere property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term was 76 years.