My house in Holland Park is up for sale and I have accepted an offer. Does the lawyer need to be required to be on the Clydesdale conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
How does conveyancing in Holland Park differ for newly converted properties?
Most buyers of new build premises in Holland Park come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Holland Park tend to acquire 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 property lawyers 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 Holland Park or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and found one near me in Holland Park I like with open areas and railway links nearby, however it only has 61 years on the lease. I can't really find anything else in Holland Park suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I need to retain a conveyancing solicitor for freehold conveyancing in Holland Park. I've chance upon a web site which looks to be the perfect offering If it is possible to get all formalities completed via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a couple of maisonettes in Holland Park which have approximately 50 years remaining on the leases. 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 decreases and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Holland Park conveyancing firm to represent me?
Most definitely. We can put you in touch with a Holland Park conveyancing firm who can help.
An example of a Lease Extension decision for a Holland Park property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case affected 1 flat. The unexpired residue of the current lease was 37.79 years.
I have miscalculated my finances and am a couple of grand short a 10% deposit on my flat purchase in Holland Park , but I still want to exchange. What can I do?
You can accept a lesser deposit. Most sellers will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute