Our lawyer has discovered a a problem with the lease for the property we are purchasing in Cann Hall. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank 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 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 lawyer will have no choice but to discontinue acting for you.
I am planning to acquire a property and require a conveyancing solicitor in Cann Hall who is on the Lloyds TSB Bank approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Lloyds TSB Bank in certain locations such as Cann Hall. We dont recommend any particular firm.
I have a terraced Victorian property in Cann Hall. Conveyancing practitioner acted for me and HSBC Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the exact same property. Is it worth asking HSBC Bank to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cann Hall and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing practitioner who conducted the purchase.
How do I use the search tool to choose a conveyancing practitioner in Cann Hall on the approved list for my lender?
First pick a mortgage company such as Lloyds TSB Bank, Barnsley Building Society or Godiva Mortgages Ltd then type in your location for example Cann Hall. Conveyancing organisations in Cann Hall and beyond should be identified.
My husband and I may need to rent out our Cann Hall garden flat for a while due to taking a sabbatical. We instructed a Cann Hall conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
The lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Cann Hall do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Cann Hall. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
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 it is possible to make an application to the Leasehold Valuation Tribunal to determine the price.
An example of a Freehold Enfranchisement case for a Cann Hall property is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The unexpired term as at the valuation date was 73.92 years.
Why do Cann Hall conveyancing charges are higher for leasehold and freehold properties?
There is always increased work needed for leasehold conveyancing. Cann Hall has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.