Our lawyer has discovered a defect with the lease for the flat we are buying in Walton on the Hill. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer says that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancing practitioner will have no choice but to discontinue acting for you.

Why is leasehold purchase conveyancing in Walton on the Hill is more expensive?

Walton on the Hill leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.

My lender has recommended solicitors on their panel based in Walton on the Hill but I would rather use a conveyancing lawyer in Walton on the Hill or nearer to where I live. Are you able to help?

The minority of Walton on the Hill conveyancing practices are listed all banks conveyancing panel. Please make the most of our search tool to choose a Walton on the Hill conveyancing solicitor on the on the bank panel.

I am looking for a ground for flat up to £305k and identified one round the corner in Walton on the Hill I like with amenity areas and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Walton on the Hill suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?

If you need a home loan that many years will be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.

I am tempted by the attractive purchase price for a couple of maisonettes in Walton on the Hill both have approximately forty five years unexpired on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area.

I have given up trying to purchase the freehold in Walton on the Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?

if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the price.

An example of a Lease Extension decision for a Walton on the Hill flat is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The number of years remaining on the existing lease(s) was 60.43 years.