I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Shenley Brook End. The Shenley Brook End property was put into my name in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the property in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Some banks would take a sensible view as this obligation primarily exists to capture subsales or the quick reselling of properties.
I am currently in the process of buying my council flat in Shenley Brook End. I have a mortgage offer with HSBC. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I can not fathom if my lender requires a lease extension. I have called into my local Shenley Brook End building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Shenley Brook End conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their specific requirements. I simply don't know who is right.
As long as the solicitor is on the mortgage company approved list, they must follow the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase a new build flat in Shenley Brook End. Conveyancing is daunting 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 few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Shenley Brook End
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Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking for a leasehold apartment up to £235,500 and identified one near me in Shenley Brook End I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Shenley Brook End suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 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 existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Should I be wary about estate agents that I am dealing with are suggesting a web based conveyancing firm as opposed to a local Shenley Brook End conveyancing practice?
As is the case with lots of service providers, often referrals from connections can be worth their weight in gold. Nevertheless there are numerous people with a vested interest in a conveyancing deal; estate agents, financial adviser and banks may recommend solicitors to instruct. On occasion the conveyancers might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the endorsement. You are at liberty to select your own conveyancer. Don't forget that most lenders specify a panel list of law firms you are obliged to use for the mortgage related work in your transaction.
Do you have any advice for leasehold conveyancing in Shenley Brook End with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Shenley Brook End can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers’ conveyancers. Some Shenley Brook End leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. The majority of freeholders or managing agents in Shenley Brook End levy fees for providing management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Shenley Brook End. If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Shenley Brook End leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. If you dont have the approvals in place do not communicate with the landlord without checking with your conveyancer in advance. You believe that you know the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
Leasehold Conveyancing in Shenley Brook End - A selection of Questions you should ask before Purchasing
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The prefered form of lease arrangement is if the freehold interest is owned by the leaseholders. In this situation the tenants have control and notwithstanding that a managing agent is usually employed if it is bigger than a house conversion, the managing agent retained by the leaseholders. Are there any major works in the near future that will add a premium to the maintenance charges? What prohibitions are contained in the Shenley Brook End Lease?
My mother and father are having difficulties in finding their Shenley Brook End land registry title on the online search facility. They recall that back in the 70’s when they acquired the house there were complications regarding the post code not being recognised in some systems.
Nearly all residences in Shenley Brook End should show up. Have you attempted a search to just the postcode. Normally it should disclose all the premises inside the postcode. Where registered it will be there with a title number. Where they bought fifty years ago it's conceivable it may be unregistered. The property could still be revealed but with the title number identified as 'na'. In this scenario you will need to locate the original title deeds which might be with your parent’s bank.