I am acquiring property in Moor Park. My property lawyer is not listed on the bank conveyancing list. Am I still permitted to continue with my Moor Park conveyancing solicitor even though they are excluded from the lender approved list?
You will need to use a lawyer to complete the legal work required when you need a loan to purchase your home. They will carry out all the necessary due diligence on the property, ensuring that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is dealt with. One may instruct a Moor Park solicitor of your choice. However, if the conveyancer selected is not a member of the lender approved list supplemental costs will arise as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so if your lawyer has not in the past applied for membership they should take the chance to apply.
It is 10 years ago since I acquired my property in Moor Park. Conveyancing solicitors have just been retained on the sale but I am unable to locate my title documents. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be retained by your mortgage company or they could be in the possession of the lawyers who oversaw your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in Moor Park relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a residence in Moor Park? or Apparently there is an ancient law that could mean that owners of property residing in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this suitable for conveyancing in Moor Park?
Unless a prior purchase of the property took place after 12 October 2013 you could assume that conveyancing practitioners conducting conveyancing in Moor Park to remain encouraging a chancel search and or insurance against a claim.
I have been on the look out for a flat up to £235,500 and found one close by in Moor Park I like with open areas and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Moor Park in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current 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. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Should I be concerned that brokers that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a local Moor Park conveyancing firm?
As is the case with many service providers, often recommendations from family and friends can be very helpful. But there are many people with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks might all suggest solicitors to choose. On occasion the lawyers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the discretion to appoint your own lawyer. Don't forget that the majority of lenders specify a panel list of solicitors you have to use for the mortgage related work in your home move.
I am attracted to a two flats in Moor Park which have approximately fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Moor Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Moor Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a first floor flat in Moor Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Moor Park property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The unexpired term was 71 years.