I am approaching an exchange on a flat in Lisson Grove and my parents have sent the ten percent deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The property lawyer is duty bound to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Me and my brother own a semi-detached Victorian property in Lisson Grove. Conveyancing solicitor acted for me and Barnsley Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lisson Grove and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who carried out the work.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Lisson Grove I like with amenity areas and station nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Lisson Grove for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am looking for a conveyancing practitioner in Lisson Grove for my purchase. Is it possible to check a solicitor's complaints history with the profession’s regulator?
You may review published Solicitor Regulator Association (SRA) decisions arising from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. For details Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The regulator sometimes recorded call for training purposes.
I've recently bought a leasehold property in Lisson Grove. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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).
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Lisson Grove. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to decide the price.
An example of a Lease Extension decision for a Lisson Grove property is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case affected 2 flats. The unexpired term was 24.02 years.
Our conveyancer in Lisson Grove has identified a a problem with the lease for the flat we are buying in Lisson Grove. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender 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.