My conveyancer has identified a defect with the lease for the flat we are purchasing in Forestdale. The other side have put forward defective title insurance as a workaround. We are content 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?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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 assisting my sister sell her house in Forestdale. Does the conveyancing solicitor order an EPC or it is for the seller to see to?
Following the abolition of Home Information Packs, energy assessments became a mandatory part of selling a property. An energy assessment needs to be commissioned prior to the property being advertised. This is not as aspect of the sale process that law firms normally arrange. If you are using a Forestdale conveyancing solicitor they might be willing to arrange energy assessments due to their contacts with reputable local energy assessors
I have been told by my solicitor that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Forestdale conveyancing?
The right level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Forestdale lawyer on the Principality panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I'm buying a new build house in Forestdale benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The property agent advised me not to tell my conveyancer about the side-deal as it could impact my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Forestdale I like with amenity areas and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Forestdale for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Forestdale. I need to extend my lease but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the landlord. In some cases a specialist would be helpful to try and locate and prepare a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Forestdale.
I own a first flat in Forestdale. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Forestdale conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Forestdale residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The number of years remaining on the existing lease(s) was 78.32 years.
I own a leasehold flat in Forestdale. Conveyancing was finalised in 2011. I have read on a number of advice forums that I should not let the the remaining lease term to get too low. Why is that a problem?
Forestdale leasehold properties are for a set term - normally 99 years when they commenced. However a significant appartments in Forestdale were constructed or converted 30 or more years ago and so these leases now have fewer than 80 years left to run. This may sound like a long time but Banks, Building Societies and other mortgage companies generally require leases to have at least seventy five years unexpired to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing 75 years. To maximise the marketability of your property you should be thinking about whether to extend your lease well in advance of selling the property. There are also significant benefits to doing so before the lease reaches even eighty years as when the lease is less than eighty years the amount you have to pay to extend starts to get a lot more expensive.