My lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Tufnell Park. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must check that the bank is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
I am buying a new build flat in Tufnell Park. Conveyancing is necessary evil 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 conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Tufnell Park
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Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan.
I am looking for a flat up to £245,000 and identified one close by in Tufnell Park I like with a park and railway links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Tufnell Park for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Do I need to be suspicious by brokers that I am dealing with are recommending a national conveyancing firm rather than a local Tufnell Park conveyancing company?
As with many service providers, often referrals from family and friends can be worth their weight in gold. Yet there are lots of people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend solicitors to retain. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the recommendation. You have the discretion to choose your own conveyancer. However, bear in mind that some lenders specify a panel list of conveyancers you must use for the mortgage aspect of your house move.
My wife and I purchased a leasehold flat in Tufnell Park. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Tufnell Park who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Tufnell Park conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a ground-floor 1950’s flat in Tufnell Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Tufnell Park flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The unexpired residue of the current lease was 64.77 years.
New build sellers have put forward a conveyancer and I've sought a quote from them. It's nearly three hundred pounds cheaper than my preferred Tufnell Park conveyancer. Should I use them?
Developers normally have panels of solicitors who are quick and who know the seller’s paperwork and conveyancing practitioner. As many developers offer an incentive to select a preferred solicitor for this reason, any increased cost can be avoided and a builder will not recommend a conveyancing factory and run the risk of having the conveyancing stall when they demand an exchange inside a month. A counter-argument for not opting for the suggested solicitor is that they may be reluctant to 'push' your interests at the risk of upsetting the sellers. If you worry that this may be the case you should stick with your local Tufnell Park conveyancer.