Me and my partner are about to complete buying a house in Fulwell but as a result of damage from a small fire at the property I have was able negotiate compensation from the owner of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of a side agreement however Lloyds will not agree to this. Why were they involved?
Your conveyancing practitioner that is on the Lloyds approved list is required to disclose to Lloyds of any variations to the purchase price. If you were to refuse your property lawyer to notify the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new solicitor for your conveyancing in Fulwell.
2 months have gone by following my purchase conveyancing in Fulwell took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Fulwell. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Fulwell
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
My business partner and I are planning to lease a unit on the high street. Can you recommend lawyers offering fixed fees for non-domestic conveyancing in Fulwell for below 2k?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Fulwell, including the sale and acquisition of businesses as well as simply property. Whether you are intending to purchase or lease a shop, pub, restaurant, office, retail unit or a whole business we can find you the right firm. Regarding the costs this will depend on the structure and terms of the proposed transaction. Let us have your details or call us so that we can furnish you with a detailed commercial conveyancing calculation.
I am tempted by the attractive purchase price for a two flats in Fulwell both have approximately forty five years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Fulwell is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive 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 residence 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 Fulwell 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Fulwell. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We can put you in touch with a Fulwell conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Fulwell flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired term was 60.45 years.
Why can I not complete our conveyancing in Fulwell on Good Friday?
This is due to the fact that on completion the funds will be transferred electronically between the banks of the purchaser and seller's solicitor and currently this can only take place on a business day. So you can't complete on a saturday or sunday either.