The property market in Downe is hotting up. What can I do to speed up matters?
In the event that you are under a tight deadline for your conveyancing it is advisable to make sure that your solicitor is familiar with the area as they will benefit local contacts and know-how. It is possible that they may have conducted otherhouses in the same road. Therefore consider using a Downe conveyancing firm. Second, ensure that the lawyer is on the member panel. It is estimated that just under twenty per cent of Downe conveyancing transactions are frustrated or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s panel. This can often result in the transaction being delayed by an average of 21 days. It is understood that this issue affects in the region of one hundred thousand home sales every year. Many Downe conveyancing practices can not represent certain lenders so do check at the outset.
I purchased a freehold premises in Downe yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Downe and has limited impact for conveyancing in Downe but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
How does conveyancing in Downe differ for newly converted properties?
Most buyers of new build or newly converted property in Downe contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Downe typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Downe or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Downe is where the house is located. Is there any advice you can impart?
Flying freeholds in Downe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Downe you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Downe may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In surfing the world wide web for the words on line conveyancing in Downe it reveals numerous conveyancersin the area. How do I determine which is the right conveyancer for me?
The best method of choosing a suitable conveyancer is through a personal referral, so enquire of colleagues and relatives who have purchased a property in Downe or a local estate agent or mortgage broker. Fees for conveyancing in Downe vary, so it's advisable to request a minimum of four fee calculations from different property lawyers. Make sure that you clarify that the costs are assured not to to be inflated.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Downe. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Downe ?
The majority of houses in Downe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Downe so you should seriously consider looking for a Downe conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Downe. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Downe residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired term as at the valuation date was 50.57 years.