Our solicitor has discovered a defect with the lease for the flat we are purchasing in Kensal Rise. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the bank is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 property lawyer will have no choice but to discontinue acting for you.
Forgive me if this question is silly but I am unexperienced as a first time buyer of a two bedroom flat in Kensal Rise. Do I pick up the keys to the premises on completion from my lawyer? If so, I will use a High Street conveyancing solicitor in Kensal Rise?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be invited to collect the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
I am buying a property in Kensal Rise. A rare aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is RBS your lawyer must check the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to RBS where a lease does not satisfy these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Kensal Rise.
It is unclear whether my mortgage offer requires a lease extension. I have called my Kensal Rise bank branch on various occasions and was told it wasn't an issue and they would lend. My Kensal Rise conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the property lawyer is on the mortgage company panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should my conveyancer be raising enquiries concerning flooding as part of the conveyancing in Kensal Rise.
The risk of flooding is if increasing concern for lawyers dealing with homes in Kensal Rise. There are those who buy a property in Kensal Rise, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a various checks that may be undertaken by the purchaser or by their solicitors which should give them a better understanding of the risks in Kensal Rise. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to determine whether the property has ever been flooded. In the event that the premises has been flooded in past and is not disclosed by the vendor, then a buyer could bring a compensation claim as a result of such an misleading response. A purchaser’s solicitors should also order an environmental search. This should reveal whether there is a recorded flood risk. If so, more detailed inquiries should be initiated.
I have been on the look out for a ground for flat up to £195,000 and identified one close by in Kensal Rise I like with amenity areas and railway links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Kensal Rise in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years will likely be an issue. Discount the price 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 may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Is it simple use the search tool to select a conveyancing practitioner in Kensal Rise on the panel for my mortgage?
Step one is to choose a lender such as Yorkshire Building Society, Leeds Building Society or Alliance & Leicester then specify your location such as Kensal Rise. Conveyancing organisations in Kensal Rise and nationally should be listed.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Kensal Rise. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Kensal Rise are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Kensal Rise in which case you should be looking for a Kensal Rise conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Kensal Rise. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Kensal Rise conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Kensal Rise property is 85A Chevening Road in August 2013. the Tribunals conclusions resulted in a payment of a premium for the new lease in the sum of £11,211 This case related to 1 flat. The unexpired term as at the valuation date was 84.34 years.