My solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Holborn. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must check that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions 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.
Why do I have to pay up front when it comes to conveyancing in Holborn?
Where you are retaining lawyers for conveyancing in Holborn your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the sale price then this should be asked for immediately ahead of contracts are exchanged. The final balance that is due should be sent to your lawyer shortly before completion.
I require fast conveyancing in Holborn as I am under a deadline to sign on the dotted line inside one month. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?
As you are not taking a mortgage you have the choice not to have searches carried out although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Holborn the following are examples of what can arise and therefore impact market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
I am purchasing my first flat in Holborn benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative told me not disclose to my solicitor about this extras as it may affect my mortgage with Platform Home Loans Ltd. Should I keep quiet?.
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.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Holborn I like with a park and railway links nearby, however it only has 49 years on the lease. I can't really find anything else in Holborn suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan that many years may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I have recently realised that I have 72 years remaining on my flat in Holborn. I now want to get lease extension but my landlord is missing. What should I do?
On the basis that 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. In some cases a specialist should be helpful to carry out a search and to produce an expert document to be used as evidence that the landlord is indeed missing. 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 overseeing Holborn.
I have had difficulty in trying to purchase the freehold in Holborn. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Holborn conveyancing firm who can help.
An example of a Lease Extension case for a Holborn property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired term as at the valuation date was 66.8 years.