My partner and I are purchasing a new build flat in Hornchurch and my conveyancer is advising me that she is duty bound to the lender to reveal incentives from the builder. I am on a tight deadline to exchange and I don't want to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Hornchurch. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Hornchurch
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Please confirm the Lease plans are surveyor prepared. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Hornchurch I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Hornchurch for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am selling my house. My former lawyers have shut. I would be grateful for any recommendation of a conveyancing firm. Im based in Hornchurch if that makes a difference.
Please use our search tool to help you choose a solicitor for your conveyancing in Hornchurch. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
Am I best advised to appoint a Hornchurch conveyancing lawyer based in the vicinity that I am buying? We have a good friend who can conduct the legal work however her office is over three hundred kilometers away.
The benefit of a high street Hornchurch conveyancing practice is that you can visit the firm to sign documents, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a plus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and on the whole were impressed that must outweigh using an unfamiliar Hornchurch conveyancing solicitor solely due to them being Hornchurch based.
I am tempted by the attractive purchase price for a couple of maisonettes in Hornchurch both have approximately 50 years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Hornchurch. The lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorates and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
My wife and I have hit a brick wall in negotiating a lease extension in Hornchurch. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Hornchurch conveyancing firm who can help.
An example of a Lease Extension decision for a Hornchurch residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.