How does conveyancing in Eltham differ for newly converted properties?
Most buyers of new build premises in Eltham contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Eltham usually acquire the site, 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 conveyancers 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 accustomed to new build conveyancing in Eltham or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Eltham before retaining lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some lenders will refuse to grant a mortgage on such a house.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Eltham. Conveyancing will be smoother if you use a solicitor in Eltham especially if they are accustomed to such properties in Eltham.
I have been pointed in your direction by numerous property agents in Eltham to choose a solicitor on your site. Is there a financial inducement for Estate Agents to recommend your lawyers ahead of a competitor’s?
We refuse to give any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am 14 days into a leasehold purchase having been directed to conveyancers by the local agent to perform conveyancing in Eltham. I am am very dissatisfied with the quality of service. Can you you assist me in finding new lawyers?
They would have to be very bad to suggest diss instructing them. Has the mortgage offer been generated? In the event that it has you will need to inform them of the new contact details and have the mortgage documents are re-sent. Your solicitor ideally needs to be on the mortgage company panel to avoid added fees and delays. So that should be your first question of the new solicitors. Our find a solicitor tool will assist you in finding a lender approved conveyancer for your home move in Eltham
Can you provide any top tips for leasehold conveyancing in Eltham with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Eltham can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers’ solicitors. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Eltham leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you dont have the consents to hand do not contact the landlord without checking with your conveyancer first. The majority of freeholders or Management Companies in Eltham levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Eltham. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
I have had difficulty in negotiating a lease extension in Eltham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to judgment on the premium.
An example of a Lease Extension matter before the tribunal for a Eltham property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.
At what stage do I incur stamp duty chargeable for my house transaction in Eltham?
Most conveyancing practitioners tend to complete a Land Transaction Return Form for you during your Eltham purchase transaction for you to sign. On completion your conveyancing practitioner will submit your Land Transaction application to the Inland Revenue and - assuming they have the funds - pay any land tax due for you.