Our conveyancer has discovered a a legal deficiency with the lease for the apartment we are purchasing in Wood Green. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Wood Green?
Unless a previous purchase of the house completed post 12 October 2013 you can take it that conveyancing practitioners carrying out conveyancing in Wood Green to remain recommending a chancel search and or chancel repair liability insurance.
How does conveyancing in Wood Green differ for newly converted properties?
Most buyers of new build property in Wood Green contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Wood Green tend to acquire the site, 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 accustomed to new build conveyancing in Wood Green or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Wood Green I like with a park and transport links nearby, the downside is that it only has 49 years on the lease. There is not much else in Wood Green in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
My cousin has recommend that I appoint his conveyancers in Wood Green. Should I use them?
Much as we are happy to recommend a Wood Green conveyancing lawyer it’s preferable to find a conveyancing solicitor is to get referrals from friends or family who have actually used the solicitor that you are contemplating using.
Having checked my lease I have discovered that there are only Seventy years unexpired on my flat in Wood Green. I need to extend my lease but my landlord is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have used your best endeavours to find the lessor. For most situations an enquiry agent may be useful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the application to the County Court covering Wood Green.
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Wood Green. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Wood Green flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The remaining number of years on the lease was 81.79 years.