I had a mortgage agreed in principle with Clydesdale. Soho conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from Clydesdale?
Some lenders take longer than others. Have Clydesdale completed the survey? Have you informed Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am purchasing a property in Soho. One unusual aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Co-operative your lawyer must follow the formal instructions contained in Section two of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Co-operative where a lease does not satisfy these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Soho.
It is not clear whether my lender requires a lease extension. I have called into my local Soho building society branch on numerous occasions and was told it wasn't a problem and they would lend. My Soho conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their published requirements. Who do I believe?
Your conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 remaining.
Do I need to pay for insurance to address the risk of chancel repairs when buying a house in Soho?
Unless a previous purchase of the property completed post 12 October 2013 you could take it that lawyers delivering conveyancing in Soho to continue to advocate a chancel search and or chancel repair liability policy.
2 months have elapsed following my purchase conveyancing in Soho took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 property 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.
How does conveyancing in Soho differ for newly converted properties?
Most buyers of new build residence in Soho contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Soho typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Soho or who has acted in the same development.
I am looking for a flat up to £235,500 and found one round the corner in Soho I like with open areas and station nearby, the downside is that it's only got 51 years on the lease. There is not much else in Soho in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Soho. I need to get lease extension 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 mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the lessor. In some cases an enquiry agent should be helpful to carry out a search and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Soho.
I have had difficulty in trying to purchase the freehold in Soho. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to decide the sum to be paid.
An example of a Freehold Enfranchisement decision for a Soho flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The unexpired residue of the current lease was 73.26 years.