My solicitor has discovered a a problem with the lease for the property we are purchasing in Sipson. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
Notwithstanding that 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 provisions. You and the lender are the client. The appropriate lender specifications have to be complied with.
I have 7378 less than 75 years left on my lease and require a lease extension for my apartment in Sipson. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 30/6/2020 the requirements read as follows :
How do I use your search facility to choose a conveyancing practitioner in Sipson on the panel for my bank?
First pick a mortgage company such as Birmingham Midshires, Chelsea Building Society or Bank of Ireland then specify your location such as Sipson. Conveyancing organisations in Sipson and beyond should be listed.
I am looking for a conveyancing practitioner in Sipson for my house move. Is it possible to review a firm’s record with the legal regulator?
You can review presented Solicitor Regulator Association (SRA) determinations arising from investigations started on or after 1 January 2008. Go to Check a solicitor's record. To find records Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The regulator sometimes recorded call for training reasons.
I am tempted by the attractive purchase price for a couple of maisonettes in Sipson both have approximately forty five years remaining on the lease term. Do I need to be concerned?
There are plenty of short leases in Sipson. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Sipson. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Sipson premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired term was 69 years.
When it comes to my conveyancing in Sipson should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Sipson conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.