IfI were to buy a simple residential propertyin Blackfriars for cash and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Blackfriars?
The only reduction in fees you would achieve is the disbursement for searches. Your conveyancing practitioner still be obliged to do everything else - money laundering, communicating with the vendors lawyer, stamp duty return, register the ownership etc. You might save a bit for them not needing to register a charge however it won't be meaningful.
I am the sole beneficiary of my late father’s will with all property in now in my sole name, including the house in Blackfriars. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. many lenders would take a practical view as this clause is principally there to capture the purchase and immediately sell or the flipping of property.
I am buying a property in Blackfriars. A rare aspect is that the roof has a solar panel. Barclays have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Barclays your lawyer must follow the conveyancing requirements outlined in Section two of UK Finance Lenders’ Handbook for Barclays. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and lawyers are required to report to Barclays where a lease fails to satisfy these provisions. The provisions relate to the installation of panels on properties countrywide and is not limited to Blackfriars.
Planning on purchasing a apartment in Blackfriars. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Blackfriars property lawyer is on the TSB conveyancing panel.
Are there restrictive covenants that are commonly identified as part of conveyancing in Blackfriars?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Blackfriars. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Blackfriars. 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 conveyancing.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Blackfriars
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
How do I use the search app to locate a conveyancing practitioner in Blackfriars on the approved list for my lender?
Step one is to select a mortgage company such as Santander, The Mortgage Works or Aldermore then specify your preferred area for instance Blackfriars. Conveyancing organisations in Blackfriars and across England and Wales should be identified.
I am attracted to a two apartments in Blackfriars which have in the region of forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Blackfriars is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Blackfriars conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the proprietor of a ground-floor 1960’s flat in Blackfriars. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Lease Extension decision for a Blackfriars flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The unexpired residue of the current lease was 66.8 years.