I am getting a mortgage with Santander. I would like to enlist the help of a Licensed Conveyancer in Maryland. Does the Santander Solicitor panel exclude Licensed Conveyancers?
The Santander conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Are there restrictive covenants that are commonly identified during conveyancing in Maryland?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Maryland. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
The estate agent has sent us the confirmation of our purchase of a new build apartment in Maryland. Conveyancing is daunting 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 few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Maryland
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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? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. 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.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Maryland I like with a park and railway links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Maryland in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am tempted by the attractive purchase price for a couple of flats in Maryland which have in the region of fifty years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in Maryland. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
My wife and I have hit a brick wall in trying to purchase the freehold in Maryland. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Lease Extension decision for a Maryland residence is 151A Ham Park Road in May 2010. The matter came before the Tribunal by way of a vesting order made on 12 June 2009 Deputy District Judge Coonan in Bow County Court. The tribunal decided that the sum payable for the m to be paid for the lease extension was £21,445 This case was in relation to 1 flat.
Why do I have to provide my solicitor with various items of identification before they can commence with selling or purchasing a property in Maryland?
Maryland conveyancing practitioners are obliged by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering Regulations to certify that the have verified the identity of their clients. It is also sometimes a requirement of your bank where you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, national insurance number and DOB.