Our solicitor has discovered a a problem with the lease for the apartment we are purchasing in Alperton. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancer 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 conveyancer will have no choice but to discontinue acting for you.
Is there a reason why leasehold purchase conveyancing in Alperton costs more?
Alperton 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.
This question may be naive but I am wet behind the ears as a 1st time buyer of a ground floor flat in Alperton. Do I receive the keys to the premises on the completion date from my solicitor? If so, I will use a High Street conveyancing solicitor in Alperton?
On the day of completion you will not be required to attend the conveyancers office in Alperton. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you should be called to receive the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
is it true that all Alperton solicitor firms on the Virgin Money conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Alperton solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Alperton postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Alperton.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Alperton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Alperton. 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 am looking for a flat up to £245,000 and found one near me in Alperton I like with a park and transport links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Alperton suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Having checked my lease I have discovered that there are only 68 years left on my lease in Alperton. I now wish to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 demonstrate that you have done all that could be expected to find the lessor. For most situations an enquiry agent should be helpful to try and locate and prepare an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Alperton.
Following months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Alperton. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Alperton conveyancing firm who can help.
An example of a Lease Extension decision for a Alperton flat is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case was in relation to 1 flat. The unexpired term as at the valuation date was 28.42 years.