My solicitor has discovered a defect with the lease for the flat we are purchasing in Belgravia. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must check that the mortgage company is content 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 mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
I am looking for a ground for flat up to £235,500 and found one round the corner in Belgravia I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Belgravia in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the shortness of the lease may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
How simple is it to use your search facility to choose a conveyancing practitioner in Belgravia on the authorised to act for my mortgage?
1st select a lender such as Yorkshire Building Society, The Royal Bank of Scotland or Nottingham Building Society then type in your location for example Belgravia. Conveyancing firms in Belgravia and nationally will then be identified.
I am thinking of appointing a conveyancing solicitor in Belgravia for my home move. Is there any facility to see a firm’s complaints history with the legal regulator?
You can see presented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA could monitor telephone calls for training purposes.
Last February I purchased a leasehold house in Belgravia. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up seeking a lease extension in Belgravia. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Lease Extension case for a Belgravia residence is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case related to 1 flat. The unexpired residue of the current lease was 13.33 years.
What can I do where I am unhappy with the conveyancer who did my conveyancing in Belgravia?
Occasionally the level of service you receive is not as you expect, and unfortunately occasionally matters do not go as planned. Nevertheless there is recourse if you were unhappy with your conveyancing in Belgravia. This varies from trying to resolve matters directly with them, through to reporting a conveyancing practitioner to their regulator. If you remain unhappy you may consider getting in touch with the Legal Ombudsman.