Our solicitor has discovered a defect with the lease for the apartment we are purchasing in Addiscombe. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must check that the bank 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 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 provisions. You and the lender are the client. These conveyancing instructions must be adhered to.
My relative recommended that if I am purchasing in Addiscombe I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Addiscombe conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Addiscombe around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Addiscombe Education with plans and statistics, Local Amenities and other useful data concerning Addiscombe.
Are there restrictive covenants that are commonly picked up during conveyancing in Addiscombe?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Addiscombe. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey completed on a property in Addiscombe prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies may refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Addiscombe. Conveyancing will be smoother if you use a solicitor in Addiscombe especially if they regularly deal with such properties in Addiscombe.
My step-father has suggested that I instruct his conveyancing solicitors in Addiscombe. Should I use them?
No doubt it’s preferable to choose a conveyancing practitioner is to seek referrals from friends or family who have actually experience in using the conveyancer that you are considering.
Do you have any top tips for leasehold conveyancing in Addiscombe from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Addiscombe can be bypassed 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 buyers’ conveyancers. If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a lengthy formality and frustrates many a Addiscombe conveyancing transaction. Where a reissued share is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity. If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge 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 details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Addiscombe leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such works. Where you dont have the approvals to hand do not contact the landlord without checking with your solicitor in advance.
I inherited a basement flat in Addiscombe. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
if there is a missing landlord or where 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 LVT to decide the price payable.
An example of a Freehold Enfranchisement decision for a Addiscombe residence 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 affected 4 flats. The remaining number of years on the lease was 98 years.