Having been recommended your web site we were going to appoint conveyancing solicitor in Gants Hill found on your site but have come across some other quotes via the web appear cheaper – why is this?
There are numerous solicitors advertising pretending to offer cut-price conveyancing, but extrafees result in the closing bill mounting up beyond all recognition. Solicitors ought to ensure charges outlined in terms and conditions should be equitable raised The solicitors that we put forward for conveyancing in Gants Hill specify all charges for a domestic conveyancing transaction.
My husband and I are only a couple days away from an exchange on a property in Gants Hill and my parents have sent the 10% deposit to my conveyancer. I am now advised that as the deposit has been received from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancer is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am about to put a bid on a leasehold property in Gants Hill. The estate agents assure me that it is standard for flats in Gants Hill to have less than 75 years left on the lease. I am getting a loan with The Mortgage Works. Is this going to be a problem if the lease has 69 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 11/8/2019 the requirements read as follows :
Ground Rents and event fees must be reasonable at all times during the term of the lease. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us for Valuer consideration. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <70 years
- Ground Rent >0.5% of the property value
- Ground Rent doubles <every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI
- Ground Rent review period ≤5 years
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent >0.1% and ≤0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is >5 and <10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term >85 years
- Ground Rent ≤0.1% of the property value
- Ground Rent review period ≥10 years
- Ground Rent escalation ≤RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <125 years on a new build flat or <250 years on a new build house
- Starting Ground Rent >0.1% of the property value
- Ground Rent review period ≤ 5 years
- Ground Rent doubles < every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term ≥125 years on a new build flat or ≥250 years on a new build house
- Starting Ground Rent ≤0.1% of the property value
- Ground Rent review period >5 years
- Ground Rent escalation ≤RPI
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years
Should our lawyer be raising enquiries about flooding during the conveyancing in Gants Hill.
Flooding is a growing risk for lawyers dealing with homes in Gants Hill. Plenty of people will acquire a house in Gants Hill, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a number of searches that can be carried out by the buyer or by their solicitors which should give them a better understanding of the risks in Gants Hill. The standard property information forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to determine if the property has historically flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser may commence a claim for damages as a result of such an incorrect response. The purchaser’s conveyancers may also carry out an enviro search. This should reveal if there is any known flood risk. If so, further investigations should be made.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Gants Hill. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Gants Hill ?
The majority of houses in Gants Hill are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Gants Hill so you should seriously consider shopping around for a Gants Hill conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.
I am the registered owner of a first flat in Gants Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to arrive at the price payable.
An example of a Freehold Enfranchisement case for a Gants Hill premises is 59 & 59a Clarendon Gardens in February 2014. The Tribunals valuation for the freehold was £30,073.00 The unexpired residue of the current lease was 65 and 61.
Should local authority consent be needed to convert a single dwelling into a couple of flats in Gants Hill? This has been done to a house opposite to my house in Gants Hill and was not aware of the conversion until it was complete.
Planning Permission yes. Building Reg Approval yes.
