My partner’s uncle is a property lawyer. I am hopeful that I can be offered friends and family pricing for conveyancing, However if that does not come through, what level of fees would I typically be looking at for conveyancing in Coombe Warren?
It’s sensible to obtain 3 or more like-for-like conveyancing estimates. Do use our search tool on this site. The amounts do contrast greatly but service levels do are distinct between law firms as is the case with most professions.
Do I need to take out insurance to cover chancel repairs when purchasing a residence in Coombe Warren?
Unless a prior purchase of the property took place after 12 October 2013 you can take it that conveyancing practitioners delivering conveyancing in Coombe Warren to remain encouraging a chancel search and or chancel repair liability insurance.
I'm purchasing my first flat in Coombe Warren with the aid of help to buy. The builders refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not inform my conveyancer about this deal as it will put at risk my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £235,500 and identified one close by in Coombe Warren I like with a park and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Coombe Warren suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am attracted to a two maisonettes in Coombe Warren which have in the region of 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Coombe Warren is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Coombe Warren conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a a ground floor purpose built flat in Coombe Warren. 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?
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 decide the price payable.
An example of a Freehold Enfranchisement case for a Coombe Warren property is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case related to 4 flats. The remaining number of years on the lease was 98 years.
What are the compelling advantages to selecting a high street conveyancer in Coombe Warren
Home movers in Coombe Warren prefer a local property lawyer so that they can pop into the lawyer’s offices just in case they have problems, and to sign mortgage deeds rather than run the risk of depending on the post.
There is a slight edge when opting for a conveyancer local to the premises you are hoping to purchase, due to the familiarity of the area and possible local concerns - however this is debatable. Most conveyancers are now by way of email and could be practically anywhere.