My lawyer has discovered a a problem with the lease for the property we are purchasing in Sheen Park. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
It is 10 years ago since I acquired my home in Sheen Park. Conveyancing solicitors have now been retained on the sale but I am unable to track down the title deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be kept by the lender or they could be in the possession of the conveyancers who oversaw the purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Nearly all conveyancing in Sheen Park involves registered property but in the unlikely event that your property is unregistered it is more problematic but is not insurmountable.
Are there restrictive covenants that are commonly picked up during conveyancing in Sheen Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Sheen Park. 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…’
In scouring the internet for the term conveyancing in Sheen Park it reveals many property lawyersin the area. How do I determine which is the suitable property lawyer for me?
The preferential method of finding a suitable conveyancer is through a trusted testimonial, so seek the guidance of colleagues and family who have acquired a property in Sheen Park or the respected estate agent or financial adviser. Charges for conveyancing in Sheen Park differ, so it's advisable to secure at least four estimates from varying types of law firms. Dont forget to clarify that the costs are guaranteed not to increase.
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Sheen Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Freehold Enfranchisement case for a Sheen Park property is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The unexpired term was 66.25 years.
In relation to leasehold conveyancing in Sheen Park what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Sheen Park. Most leases are drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the building A provision for the recovery of money spent for the benefit of another party.
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Royal Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I have been Googling for Sheen Park conveyancing quotes online. Can I be confident that all the Sheen Park practices that are listed on your site are on the bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Sheen Park firm being on the bank conveyancing panel is incorrect.