Our Nine Elms lawyer has identified an inconsistency between the surveyor’s assumptions in the home valuation report and what is in the legal papers for the property. My lawyer has advised that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
My husband and I have arranged the release of further funds on our mortgage from RBS as we intend to carry out alterations to our house in Nine Elms. Are we obliged to choose a bricks and mortar Nine Elms solicitor on the RBS conveyancing panel to deal with the paperwork?
RBS would not normally instruct a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS panel.
Last month we had a mortgage agreed in principle with Co-operative. Nine Elms conveyancing practitioners were chosen. How long does it take for Co-operative to issue the offer to the property lawyer?
Some lenders take longer than others. Have Co-operative done the survey? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I'm in the process of viewing apartments in Nine Elms and I am now considering a potential offer. Should I already have a property lawyer in place at this point? I intend to finance via a home loan with Co-operative.
It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are obtaining a mortgage with Co-operative, ask your prospective lawyers if they are on the Co-operative conveyancing panel otherwise they can't do the mortgage legal work.
I am buying a new build apartment in Nine Elms. 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.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Nine Elms
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Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Nine Elms I like with a park and transport links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Nine Elms in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I am in need of some leasehold conveyancing in Nine Elms. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Nine Elms - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a ground-floor 1950’s flat in Nine Elms. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to assess the price.
An example of a Lease Extension matter before the tribunal for a Nine Elms flat is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case related to 1 flat. The unexpired lease term was 57.06 years.
I am an executor of my recently deceased aunt’s Will, with a bungalow in Nine Elms which will be marketed. The property is unregistered at HMLR and I'm advised that many estate agents will insist that it is completed before they'll move forward. What's the mechanism for this?
In the situation that you have set out it seems advisable to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.