I am acquiring a house without a mortgage in Maida Vale. I have resided for the last 15 years in Maida Vale. Conveyancing searches are a lot of money. As I know the area and road intimately must I have all the conveyancing searches?
In the absence of a home loan, then the vast majority of the Maida Vale conveyancing searches are at your discretion. Your conveyancer will try and steer you, no-doubt strongly, that you should have searches done, but he has a professional duty to take that path of advice. One thing to bear in mind; if you are going to dispose of the house at a future date, it will likely be be of relevance to your future purchaser what the searches reveal. There are plenty of instances where premises with apparent issues can still throw up adverse search results. A good conveyancing solicitor in Maida Vale will provide you some practical advice here.
I am refinancing my house in Maida Vale, does my lawyer need to be on the Lloyds Solicitor panel?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have been told that property searches are the main reason for delay in Maida Vale house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Maida Vale.
About to purchase a new build apartment in Maida Vale. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Maida Vale
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Maida Vale I like with open areas and railway links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Maida Vale for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I'm remortgaging my primary house to a BTL mortgage with Barclays Direct and intend to use the remaining equity towards a second house. The location we are interested in is Maida Vale. Will your solicitors be able to act for both sets of mortgage companies and tie in the transactions?
Make use of our search tool on this site to be sure that the conveyancers are on the appropriate lender panels. Having checked that they are your lawyer should be able to connect the two transactions but you should have a chat with you solicitor and communicate your desired outcome and needs.