Our lawyer has uncovered a defect with the lease for the apartment we are buying in Chalfont St Peter. The other side have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank 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 lender 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.
How does conveyancing in Chalfont St Peter differ for newly converted properties?
Most buyers of new build premises in Chalfont St Peter approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Chalfont St Peter typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Chalfont St Peter or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and found one close by in Chalfont St Peter I like with amenity areas and station nearby, however it's only got 52 remaining years left on the lease. There is not much else in Chalfont St Peter in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
What does commercial conveyancing in Chalfont St Peter cover?
Non domestic conveyancing in Chalfont St Peter covers a broad array of guidance, provided by regulated solicitors, relating to business property. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
Should I instruct a Chalfont St Peter conveyancing lawyer in close proximity to the house I am hoping to buy? An old friend can conduct the legal formalities however they are based over three hundred kilometers drive away.
The benefit of a local Chalfont St Peter conveyancing practice is that you can visit the firm to execute documents, deliver your identification documents and pester them where appropriate. Having local Chalfont St Peter know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and they were happy that must trump using an unknown Chalfont St Peter conveyancing solicitor solely due to them being round the corner.
Can you offer any advice when it comes to appointing a Chalfont St Peter conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Chalfont St Peter conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Chalfont St Peter conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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How experienced is the firm with lease extension legislation?
I inherited a second floor flat in Chalfont St Peter. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Most definitely. We can put you in touch with a Chalfont St Peter conveyancing firm who can help.
An example of a Lease Extension case for a Chalfont St Peter property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The number of years remaining on the existing lease(s) was 71 years.