We selected a local lawyer for my conveyancing in Esher last week. Reviewing the small print I seeI am liable for costs even if the dealfalls through. Should I go with them or use an on-line solicitor practice advertising no move no charge conveyancing in Esher?
Generally there is a compromise along the lines that if "No Sale No Fee" is advertised then the fee levels will tend to be be uplifted to neutralise the transactions that do not proceed. Dont forget that such schemes generally do not protect you from disbursements for instance Esher conveyancing search expenses.
My solicitor has identified a defect with the lease for the apartment we are buying in Esher. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the mortgage company is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the mortgage company 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 conditions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Esher I like with a park and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in Esher for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated 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 ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
Do you have any top tips for leasehold conveyancing in Esher from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Esher can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers. If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Esher leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such works. Should you dont have the consents to hand do not communicate with the landlord without checking with your lawyer first. Some Esher leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled.
I am the leaseholder of a two-bedroom flat in Esher. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Esher conveyancing firm who can help.
An example of a Lease Extension case for a Esher premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.
Are the Esher conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the bank?
Esher firms and firms conducting conveyancing in Esher themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the mortgage company directly.