My lawyer has discovered a a legal deficiency with the lease for the property we are buying in Elmers End. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer says that he must check that the mortgage company is happy 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 requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
As someone unfamiliar with the Elmers End conveyancing process what is your top tip you can give me concerning the ownership transfer in Elmers End
Not many law firms or advisers will tell you this but conveyancing in Elmers End and elsewhere in South East London is often a confrontational process. In other words, when it comes to conveyancing there exists lots of room for conflict between you and other parties involved in the ownership transfer. For instance, the seller, estate agent and on occasion a lender. Selecting a solicitor for your conveyancing in Elmers End should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the transaction whose responsibility is to look after your best interests and to protect you.
We are witnessing a distinct creep of a "blame" culture- someone has to be at fault for the process being so protracted. We recommend that you must always trust your conveyancer ahead of the other parties when it comes to the legal transfer of property.
Have completed on a a detached house in Elmers End , What is the estimated time for the Land Registry to record the transfer to my name? My Elmers End conveyancing solicitor works at snail pace, so I want to be sure that my name is recorded.
There is nothing unique when it comes to conveyancing in Elmers End registration formalities. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. As of today approximately three quarters of such applications are fully dealt with within 12 days but some can be subject to extensive hold-ups. Historically registration is effected once the new owner has moved in to the premises therefore 'speed' is not usually an essential issue yet if there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Elmers End differ for newly converted properties?
Most buyers of new build or newly converted property in Elmers End approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Elmers End typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Elmers End or who has acted in the same development.
I need to instruct a conveyancing solicitor in Elmers End for my home move. Can I review a solicitor's record with the profession’s regulator?
Members of the public may review documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA may monitor telephone calls for training purposes.
I am attracted to a couple of apartments in Elmers End both have approximately 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Elmers End is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Elmers End conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
My wife and I have hit a brick wall in trying to purchase the freehold in Elmers End. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Elmers End property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The remaining number of years on the lease was 26.38 years.