Our solicitor has discovered a a problem with the lease for the property we are purchasing in Shepherd's Bush. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must check that the lender is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancer will have no choice but to discontinue acting for you.
Finally the sale completed on my house in Shepherd's Bush last April yet the purchaser is whats apping daily complaining that her conveyancer is waiting to hear from mine. What should have happened now that I have sold?
Following your house sale your lawyer should forward the transfer deeds and all additional paperwork to the purchaser's conveyancer. Depending on the transaction, your conveyancer should also send confirmation that the home loan has been redeemed to the purchasers solicitors. There are no post completion requirements peculiar conveyancing in Shepherd's Bush.
How does conveyancing in Shepherd's Bush differ for new build properties?
Most buyers of new build property in Shepherd's Bush come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Shepherd's Bush typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shepherd's Bush or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and identified one close by in Shepherd's Bush I like with amenity areas and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Shepherd's Bush suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
My husband and I are first time buyers - had an offer accepted, but the selling agent informed us that the owners will only issue a contract if we appoint their recommended lawyers as they are insisting on a ‘quick sale’. We would rather use a high street solicitor accustomed to conveyancing in Shepherd's Bush
It is improbable the vendors are driving this. If they desire ‘a quick sale', turning down a serious purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)but you will continue to instruct your own,trusted Shepherd's Bush conveyancing solicitors - not the ones that will earn their negotiator at the agency a kickback or achieve conveyancing thresholds set by senior management.
I am a negotiator for a reputable estate agent office in Shepherd's Bush where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Shepherd's Bush conveyancing firms. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a basement flat in Shepherd's Bush. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Freehold Enfranchisement case for a Shepherd's Bush flat is 82 Minford Gardens in February 2009. The Tribunal determined that the enfranchisement price was £37,341 This case was in relation to 2 flats. The unexpired term was 72.92 years.