Our lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Shenley Brook End. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender conditions have to be complied with.
Should my conveyancer be making enquiries regarding flooding as part of the conveyancing in Shenley Brook End.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Shenley Brook End. There are those who buy a house in Shenley Brook End, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous checks that may be undertaken by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Shenley Brook End. The standard information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to find out whether the property has ever been flooded. If the residence has been flooded in past which is not disclosed by the owner, then a purchaser may issue a claim for damages resulting from an inaccurate answer. A buyer’s lawyers should also commission an enviro report. This will higlight if there is any known flood risk. If so, more detailed inquiries should be made.
3 months have gone by following my purchase conveyancing in Shenley Brook End completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £305k and identified one near me in Shenley Brook End I like with a park and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Shenley Brook End for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
My business partner and I are hoping to lease a unit on the high street. Can you recommend lawyers offering no-move-no charges for non-domestic conveyancing in Shenley Brook End for less than 2k?
We can recommend firms who host a wealth of experience of commercial conveyancing in Shenley Brook End, including the disposal and purchase of businesses as well as simply premises. If you are hoping to buy or lease a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right solicitor. Regarding the charges this will depend on the structure and nuances of the proposed transaction. Let us have your details or phone us so that we may provide you with a detailed commercial conveyancing calculation.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Shenley Brook End. I need to extend my lease but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to prove that you have made all reasonable attempts to find the landlord. In some cases a specialist may be helpful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Shenley Brook End.
Shenley Brook End Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
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It is important to be aware if window replacement or some other major work is due in the foreseeable future that will be shared between the leaseholders and could well dramatically increase the the service charges or necessitate a specific payment. Is the freehold reversion owned jointly by the leaseholders? For most Shenley Brook End leaseholds the outlay for major works tend not to be wrapped into the maintenance charges, although a few managing agents in Shenley Brook End obliged tenants to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance.