My lawyer has discovered a a problem with the lease for the property we are buying in Fortis Green. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
Our bank has suggested a law firm on their panel based in Fortis Green but I would rather instruct a conveyancing lawyer in Fortis Green or nearer to where I live. Are you able to help?
It is by no means the case that all Fortis Green conveyancing firms are approved and listed on all lender’s conveyancing panel. Do make the most of the above search tool to find a Fortis Green conveyancing solicitor on the on the lender panel.
Just had an offer accepted on a new build flat in Fortis Green. Conveyancing is a frightening process 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.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Fortis Green
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. 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.
I am looking for a flat up to £245,000 and found one near me in Fortis Green I like with open areas and railway links nearby, however it only has 52 years on the lease. I can't really find anything else in Fortis Green suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage that many years may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
How do I use the search app to choose a conveyancing solicitor in Fortis Green on the authorised to act for my bank?
1st select a lender such as Lloyds TSB Bank, Leeds Building Society or Aldermore then specify your preferred area e.g. Fortis Green. Conveyancing organisations in Fortis Green and further afield should be listed.
I am attracted to a two maisonettes in Fortis Green both have approximately forty five years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena.
I inherited a ground floor flat in Fortis Green. 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?
if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to make a decision on the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Fortis Green flat is 21 St Matthews Court Coppetts Road in February 2013. the applicant applied to the Tribunal for a determination of the premium payable for a lease extension pursuant to Section 48 of the Leasehold Reform (Housing and Urban Development ) Act 1993. The tribunal therefore ordered that the premium was to be £13,267. This case affected 1 flat. The unexpired term was 68 years.