Our lawyer has uncovered a a problem with the lease for the flat we are buying in South Tottenham. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the bank is content with this solution. Are we the client or is 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 provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. The appropriate lender specifications must be adhered to.
Can you explain why leasehold purchase conveyancing in South Tottenham is more expensive?
The conveyancing costs for a leasehold premises in South Tottenham is inevitably greater when contrasted to a freehold transaction. This is because there is an amount of extra time necessary in liaising with the landlord and managing agents to obtain information about whether the rent and maintenance charges have been discharged and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
I am buying a new build flat in South Tottenham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in South Tottenham
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan.
I am looking for a leasehold apartment up to £305k and identified one round the corner in South Tottenham I like with a park and station nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in South Tottenham in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan that many years may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I am 14 days into a leasehold purchase having been recommend to conveyancers by the high street agent to handle our conveyancing in South Tottenham. We are not happy. Can you you assist me in finding new lawyers?
A solicitor would need to be really poor in order to consider replacing them. Has your mortgage been issued? In the event that it has you will need to advise them of the new lawyer and have the mortgage documents are issued to the new lawyers. Your solicitor ideally should be on the mortgage company approved list to avoid escalating fees and complications. That should be your starting point. The search tool will assist you in finding a lender approved solicitor for your conveyancing in South Tottenham
There are only 68 years unexpired on my flat in South Tottenham. I now want to get lease extension but my landlord is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the lessor. For most situations a specialist may be helpful to conduct investigations and prepare a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing South Tottenham.
I am the leaseholder of a a ground floor purpose built flat in South Tottenham. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
You certainly can. We can put you in touch with a South Tottenham conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a South Tottenham flat is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case was in relation to 2 flats. The unexpired residue of the current lease was 74.13 years.