We are getting a further advance on our mortgage from RBS as we intend to conduct improvements to our home in Cubitt Town. Are we obliged to appoint a local Cubitt Town solicitor on the RBS conveyancing panel to deal with the legals?
RBS don't usually appoint firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS panel.
I can not fathom if my mortgage offer requires a lease extension. I have called my Cubitt Town bank branch on numerous occasions and was informed it wasn't an issue and they would lend. My Cubitt Town conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the bank panel, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My offer on a property in Cubitt Town has been agreed to, but there is a chain. The vendors have offered on a flat, but it’s not yet tied up, and have viewings of other properties in the pipeline. I have selected a local conveyancing solicitor in Cubitt Town. What do I do now? At what point should I apply for the mortgage with Barclays?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then survey, Cubitt Town conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the Barclays conveyancing panel. Regarding the next stages this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. During a buoyant market many purchasers will apply for a home loan with Barclays and pay for the valuation and only if it comes back ok would they request their conveyancer to move forward with searches.
five months have elapsed following my purchase conveyancing in Cubitt Town concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Cubitt Town. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Cubitt Town
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking for a flat up to £195,000 and found one near me in Cubitt Town I like with amenity areas and railway links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Cubitt Town suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I have recently realised that I have 68 years unexpired on my lease in Cubitt Town. I now want to get lease extension but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to locate the landlord. In some cases a specialist should be useful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Cubitt Town.
After years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Cubitt Town. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to determine the price.
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 was in relation to 3 flats. The unexpired term was 101.61 years.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Cubitt Town. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Cubitt Town are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Cubitt Town so you should seriously consider looking for a Cubitt Town conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.