I am nearing exchange of contracts for my flat in Cudham and the EA has just called to advise that the buyers are switching law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Cudham ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
My lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Cudham. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the lender?
Even though 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 specifications. You and the bank are the client. These conveyancing instructions have to be complied with.
What is the difference between a licensed conveyancer and conveyancing solicitor in Cudham
There are many recorded licenced Conveyancers in Cudham and Solicitor partnerships in Cudham to choose from We would stress that both are regulated professionals specialising in the legal aspects of transferring property. The two can deal with associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Have just purchased a probate house at auction in Cudham. Conveyancing is required. What are my next steps?
Now that you are exchanged you will need to choose a conveyancing solicitor quickly as you are faced with a pending a drop dead date to complete the purchase. All auction property should have a corresponding legal pack. This will include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold premises the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You must hand this to the conveyancer instructed by you ASAP. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
I am being told by my conveyancer that missing deeds insurance is needed on my purchase. What is the level of cover for Cudham conveyancing?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such policies.
Just had an offer accepted on a new build apartment in Cudham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Cudham
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I have been on the look out for a flat up to £305k and found one near me in Cudham I like with amenity areas and railway links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Cudham suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the shortness of the lease will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I am tempted by the attractive purchase price for a two flats in Cudham both have approximately 50 years left on the leases. should I be concerned?
There are plenty of short leases in Cudham. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
After months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Cudham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or if 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 assess the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Cudham premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The remaining number of years on the lease was 50.57 years.