My conveyancer has discovered a a problem with the lease for the apartment we are purchasing in St Leonards On Sea. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must check that the bank is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions must be adhered to.
We are selling our home in St Leonards On Sea and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any local lawyer would know this is not the case. It does beg the question why the purchasers are using a web based conveyancing firm rather than a conveyancing solicitor in St Leonards On Sea. We have lived in St Leonards On Sea for three years we know of no issue. Should we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to check with 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 health insurance to cover that same sickness)
The estate agent has sent us the confirmation of our purchase of a new build apartment in St Leonards On Sea. 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 conveyancing.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in St Leonards On Sea
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Over the last few months I have been searching for a flat up to £305k and found one close by in St Leonards On Sea I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in St Leonards On Sea for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
In scouring the world wide web for the phrase cheap conveyancing in St Leonards On Sea it shows results of numerous property lawyersin the area. How do I determine which is the suitable conveyancing solicitor for the sale of my house?
The preferential way of finding a suitable conveyancer is through a trusted recommendation, so enquire of friends and those you trust who have bought a property in St Leonards On Sea or the local estate agent or mortgage broker. Charges for conveyancing in St Leonards On Sea vary, so it's a good idea to request at least four fee estimates from varying types of conveyancers. Make sure that you clarify what costs in the quote includes.
I am attracted to a two maisonettes in St Leonards On Sea both have approximately forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in St Leonards On Sea is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with St Leonards On Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a split level flat in St Leonards On Sea, conveyancing formalities finalised February 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in St Leonards On Sea with an extended lease are worth £190,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2084
With just 61 years left to run the likely cost is going to span between £19,000 and £22,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.