Our lawyer has identified a a legal deficiency with the lease for the apartment we are buying in Wymondham. The seller’s lawyers have suggested title insurance as a workaround. We are content 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 mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions 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 mortgage company are the client. These conveyancing instructions must be adhered to.
Can you explain why leasehold purchase conveyancing in Wymondham is more expensive?
Wymondham leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
About to purchase a new build apartment in Wymondham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Wymondham
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Wymondham I like with amenity areas and station in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Wymondham suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Wymondham and how can your lawyers assist?
The particular law that you refer to affords security of tenure to business lessees, granting the legal entitlement to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and help with commercial conveyancing in Wymondham
I am a negotiator for a busy estate agent office in Wymondham where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Wymondham conveyancing solicitors. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?
Provided that 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
Leasehold Conveyancing in Wymondham - A selection of Queries before buying
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You should want to discover as much as you can regarding the company managing the block as they will either make your living at the property much easier or a lot more difficult. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the tidiness of the communal areas. Ask prospective neighbours what they think of them. In conclusion, find out the dates that the service fees are due to the appropriate party and precisely what it includes. How long is the Lease? Are there any major works in the near future that will add a premium to the service fees?