My husband and I are purchasing a newly built apartment in Ledbury and my conveyancer is telling me that she is duty bound to the mortgage company to reveal incentives from the developer. I am on a tight deadline to sign contracts and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank 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.
Finally the sale completed on my house in Ledbury last November yet the purchaser is whats apping daily to moan that their lawyer needs to hear from mine. What are the post completion sale formalities now that I have sold?
Post completion of your sale your conveyancer should deliver the transfer deeds and all additional paperwork to the purchaser's solicitors. Where relevant, your lawyer should also send confirmation that the home loan has been redeemed to the buyers conveyancers. There are no post completion tasks peculiar conveyancing in Ledbury.
I am considering remortgaging my home in Ledbury, does my lawyer have to be on the Santander Conveyancing panel?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Ledbury. Conveyancing is necessary evil 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 legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Ledbury
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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. 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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a flat up to £235,500 and identified one round the corner in Ledbury I like with amenity areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Ledbury for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will be an issue. Reduce 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 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Harry (my fiance) and I may need to let out our Ledbury 1st floor flat for a while due to a new job. We used a Ledbury conveyancing firm in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Your lease governs relations between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Ledbury do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Ledbury Leasehold Conveyancing - Sample of Queries before buying
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Who manages the block? It would be prudent to find out if there are any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Ledbury. If you love the flatin Ledbury yet your cat is not allowed to make the move with you then you have a very hard compromise. Does the lease have onerous restrictions?