My lawyer has identified a a problem with the lease for the apartment we are buying in Leatherhead. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the lender 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 mortgage company are the client. Your solicitor 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.
Completed the sale of my flat in Leatherhead last February yet the purchaser is telephoning daily complaining that her conveyancer is waiting to hear from mysolicitor. What are the post completion sale legalities following completion?
Following your house sale your solicitor is committed to send the transfer deeds and all supplemental paperwork to the buyer’s lawyers. Depending on the transaction, your conveyancer must also confirm that the legal charge in favour of the lender has been discharged to the buyers conveyancers. There is unlikely to be post completion tasks just for conveyancing in Leatherhead.
2 months have gone by following my purchase conveyancing in Leatherhead took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £305k and found one close by in Leatherhead I like with a park and railway links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Leatherhead suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am using a search engine for the term on line conveyancing in Leatherhead it brings up many property lawyersin the vicinity. How do I determine which is the suitable solicitor for my move?
The preferential method of finding a suitable conveyancer is through a personal testimonial, so enquire of colleagues and family who have purchased a property in Leatherhead or a reputable estate agent or financial adviser. Costs for conveyancing in Leatherhead differ, so it's sensible to secure a minimum of four fee calculations from varying types of conveyancers. Dont forget to clarify that the costs are guaranteed not to increase.
Last September I purchased a leasehold property in Leatherhead. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Leatherhead - A selection of Questions you should consider before Purchasing
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It is important to be aware if changing the roof or some other significant cost is coming up to be shared by the leaseholders and may well materially impact the level of the maintenance fees or necessitate a one time payment. Generally speaking the cost for major works tend not to be incorporated into the service charges, albeit that a few managing agents in Leatherhead obliged leaseholders to contribute towards a reserve fund created for the specific intention of establishing a fund for larger repairs or maintenance. Are any of leasehold owners in arrears of their service charge payments?