Our conveyancer has discovered a a problem with the lease for the property we are buying in South Oxhey. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that he must check that the mortgage company is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions 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 lender are the client. The appropriate lender provisions must be adhered to.
My friend suggested that if I am purchasing in South Oxhey I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard South Oxhey conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about South Oxhey around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, South Oxhey Education with plans and statistics, Local Amenities and other useful information concerning South Oxhey.
How does conveyancing in South Oxhey differ for new build properties?
Most buyers of new build residence in South Oxhey come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in South Oxhey tend to acquire the real estate, 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 South Oxhey or who has acted in the same development.
I have been sourcing a conveyancing solicitor in South Oxhey for my home move. Can I see a solicitor's record with the profession’s regulator?
Anyone can review documented Solicitor Regulator Association (SRA) determinations resulting from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA may monitor telephone calls for training requirements.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in South Oxhey. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in South Oxhey ?
The majority of houses in South Oxhey are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in South Oxhey in which case you should be looking for a South Oxhey conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.
Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in South Oxhey. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a South Oxhey conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a South Oxhey flat is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The unexpired residue of the current lease was 71 years.
Fiveweeks into buying a property in South Oxhey. Conveyancing lawyer has called to say the property is "Leasehold". Does this make a difference on our HSBC valuation?
South Oxhey conveyancing does not normally involve leasehold houses. The main factor here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's essentially freehold, so it’s unlikely to affect the marketability significantly.
At the other extreme, if it's, say, 50 years it will have a significant effect on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease to be supplied to your conveyancing practitioner.