My conveyancer has uncovered a defect with the lease for the flat we are buying in Seven Kings. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is content 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. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 solicitor will have no choice but to discontinue acting for you.
Just had an offer accepted on a new build apartment in Seven Kings. 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 is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Seven Kings
-
There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a flat up to £305k and found one close by in Seven Kings I like with amenity areas and transport links in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Seven Kings suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass 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 consult your conveyancing lawyer regarding this matter.
I am looking into buying my first house which is in Seven Kings and I am already nervous. I couldn't find anything specific about Seven Kings. Conveyancing will be needed in due course but do you know about the Seven Kings area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Seven Kings. In the meantime here are some basic statistics that we found
I’m about to sell my ground floor flat in Seven Kings. Conveyancing lawyers have not yet been instructed, however I have recently received a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Seven Kings. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Seven Kings conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Seven Kings residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired term as at the valuation date was 61.36 years.
Why do I have to supply my property lawyer with various items of identification before I can proceed with my conveyancing in Seven Kings?
Seven Kings conveyancers are duty bound by the Law Society, Solicitors Regulation Authority, HM Land Registry and current Money Laundering Regulations to record that the have checked the identity of their clients. It is also sometimes a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and date of birth.