I am about to put a bid on a leasehold apartment in St James. The selling agents tell me that it is standard for flats in St James to have less than 75 years remaining. I am taking out a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 28/9/2022 the requirements read as follows :
We are intent on selling our house in St James and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A high street St James conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a web based conveyancing outfit rather than a conveyancing solicitor in St James. Having lived in St James for many years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
four months have gone by following my purchase conveyancing in St James took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. St James is the location of the property. Can you offer any assistance?
Flying freeholds in St James are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St James you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St James may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My husband and I are 17 days into a residential purchase having been directed to a firm by the high street agent to do our conveyancing in St James. We are not happy. Can you you assist me in finding new lawyers?
A conveyancer would need to be really poor to suggest diss instructing them. Has your loan offer been issued? If so you must inform them of the new conveyancer and have the offer are issued to the new lawyers. Your conveyancer needs to be on the banks panel to avoid supplemental costs and delays. That should be your first question of the new conveyancers. Our find a solicitor tool should help you find a lender approved solicitor for your home move in St James
Planning to sign contracts shortly on a basement flat in St James. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in St James should include some of the following:
It needs to be made clear to you if the lease permits you to alter or improve anything in the property- you should know whether any restrictions applies to all alterations or limited to structural alteration, and whether licences for alterations is mandated necessary The total extent of the premises. This will be the property itself but may incorporate a roof space or cellar if relevant. Alterations to the premises You should be told what constitutes a Nuisance in the lease Does the lease require carpeting throughout thus preventing wood flooring?
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a St James conveyancing firm to help?
Most certainly. We can put you in touch with a St James conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St James property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case related to 2 flats. The unexpired residue of the current lease was 56 years.