Our lawyer has uncovered a a problem with the lease for the apartment we are buying in Addiscombe. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?
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 specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. These conveyancing instructions have to be complied with.
We are buying a newbuild apartment in Addiscombe with a residential mortgage from Accord Mortgages Ltd.We use our Addiscombe conveyancing solicitor but Accord Mortgages Ltd informed us she’s not on their "panel". It seems we have little choice but to instruct a Accord Mortgages Ltd panel firm or keep our local solicitor and pay for a Accord Mortgages Ltd panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains terms and conditions, a common one being that conveyancers will be on the Accord Mortgages Ltd solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
Should our solicitor be asking questions concerning flooding as part of the conveyancing in Addiscombe.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Addiscombe. There are those who acquire a house in Addiscombe, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which can figure out the risks in Addiscombe. The standard completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to determine whether the property has ever been flooded. If the premises has been flooded in past which is not disclosed by the vendor, then a purchaser could bring a claim for damages as a result of such an misleading response. The purchaser’s conveyancers should also commission an enviro report. This will disclose whether there is a recorded flood risk. If so, further investigations should be conducted.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Addiscombe. 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 is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Addiscombe
-
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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.
Due to the advice of my in-laws I had a survey completed on a house in Addiscombe prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some banks may not give a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Addiscombe. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any advice for leasehold conveyancing in Addiscombe from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Addiscombe can be reduced where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. A minority of Addiscombe leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and delays many a Addiscombe home move. Where a duplicate share is needed, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Addiscombe. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Addiscombe conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Addiscombe premises is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case related to 4 flats. The unexpired lease term was 98 years.