Our solicitor has discovered a defect with the lease for the property we are purchasing in Weybridge. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is happy with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions have to be complied with.
I purchased a freehold residence in Weybridge but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Weybridge and has limited impact for conveyancing in Weybridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I'm purchasing my first flat in Weybridge benefiting from help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not inform my conveyancer about this extras as it could impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Am I right to be concerned by estate agents that I am dealing with are suggesting an online conveyancing firm rather than a local Weybridge conveyancing practice?
As with lots of professional services, often recommendations from family and friends can be very helpful. But there are many people with a vested interest in a conveyancing matter; estate agents, financial adviser and banks may recommend solicitors to retain. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You have the discretion to select your own conveyancer. However, bear in mind that some mortgage providers operate an approved list of law firms you are obliged to use for the lender related work in your house move.
My brother has urged me to appoint his lawyers for conveyancing in Weybridge. Should I use them?
There are no two ways about it the best way to select a conveyancing lawyer is to get guidance from friends or family who have previously instructed the firm that you are contemplating using.
I work for a busy estate agent office in Weybridge where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Weybridge conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Weybridge conveyancing firm to help?
Most definitely. We can put you in touch with a Weybridge conveyancing firm who can help.
An example of a Lease Extension case for a Weybridge residence is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired residue of the current lease was 82.93 years.