The Cubitt Town conveyancing firm handling our Cubitt Town conveyancing has uncovered an inconsistency when comparing the assumptions in the home valuation survey and what is in the legal papers for the property. My solicitor has advised that he is duty bound to check that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My brother-in-law has suggested I instruct a conveyancing solicitor in Cubitt Town. I I am struggling to find out if they are accepted on the Yorkshire Building Society conveyancing panel. Could you assist?
The first thing you should do is phone the conveyancer and enquire if they can act for the bank. Otherwise you can call Yorkshire Building Society who may be able to help.
Various web forums that I have visited warn that are the number one reason for stalling in Cubitt Town house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Cubitt Town.
I have been on the look out for a flat up to £305k and found one round the corner in Cubitt Town I like with a park and station nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Cubitt Town for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I am employed by a long established estate agent office in Cubitt Town where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Cubitt Town conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 own a first floor flat in Cubitt Town. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Freehold Enfranchisement decision for a Cubitt Town property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The remaining number of years on the lease was 101.61 years.
To what extent are Cubitt Town conveyancing solicitors under an obligation to the Law Society to issue clear conveyancing costs?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Cubitt Town or across England and Wales.