We're in Chelsea, First time buyers purchasing with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What does a local search reveal regarding the house we're buying in Chelsea?
Chelsea conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search is essential in every Chelsea conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
My wife and I purchased a renovated Victorian property in Chelsea. Conveyancing practitioner acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Chelsea and other areas of 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 question the position with the conveyancing practitioner who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Chelsea is the location of the property. Is there any advice you can impart?
Flying freeholds in Chelsea are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chelsea you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chelsea may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Chelsea and how can you help?
The 1954 Act gives a safeguard to commercial lessees, giving them the a statutory right to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Chelsea
I have had difficulty in negotiating a lease extension in Chelsea. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to judgment on the premium.
An example of a Lease Extension decision for a Chelsea premises is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case affected 1 flat. The unexpired term was 57.06 years.
What are the frequently found deficiencies that you witness in leases for Chelsea properties?
There is nothing unique about leasehold conveyancing in Chelsea. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
-
A duty to insure the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.