I am hoping to complete my purchase in Charterhouse next Tuesday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not unique to conveyancing in Charterhouse.
We are planning to purchase with Norwich and Peterborough Building Society. I popped in 3 or 4 local solicitors but cant to find a Charterhouse conveyancing firm on the Norwich and Peterborough Building Society panel. Can you assist?
You should take advantage of the search tool on this page. Please choose the mortgage company and type Charterhouse or your preferred area and you will see a number of lawyer located in Charterhouse or near you.
Me and my brother purchased a terraced Victorian house in Charterhouse. Conveyancing solicitor acted for me and Santander. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Charterhouse and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing lawyer who conducted the work.
How does conveyancing in Charterhouse differ for newly converted properties?
Most buyers of new build premises in Charterhouse come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Charterhouse usually buy the land, 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 conveyancing solicitors 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 Charterhouse or who has acted in the same development.
My uncle has suggested that I use his conveyancers in Charterhouse. Should I use them?
Much as we are happy to recommend a Charterhouse conveyancing lawyer it’s preferable to select a conveyancing practitioner is to get guidance from friends or family who have used the solicitor that you are contemplating using.
I am tempted by the attractive purchase price for a two flats in Charterhouse which have in the region of forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Charterhouse is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 Charterhouse 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Charterhouse. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Charterhouse conveyancing firm who can help.
An example of a Lease Extension decision for a Charterhouse premises 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 number of years remaining on the existing lease(s) was 66.8 years.