Me and my partner are soon to complete on the purchase of a property in Malden but as a result of damage from some water damage at the property I have managed to agree compensation from the vendor of six thousand pounds taking the form of a deduction in the price. This was going to be addressed as part of the conveyancing process yet Aldermore are not allowing this. Why were they notified?
The conveyancer being on the Aldermore approved list is duty bound to disclose to Aldermore of any amendments to the sale price. If you prohibit your solicitor to notify the reduction to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new conveyancer for your conveyancing in Malden.
We wanted to use a conveyancing solicitor in Malden for our house purchase. Our financial adviser informed us that our bank Birmingham Midshires won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Malden conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms concerning their operations and the individuals who work for them and set certain criteria such a completing on a minimum amount of conveyancing. Many Malden conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Malden is amongst the thousands of areas where the lawyers we recommend are members of the panel for Birmingham Midshires.
How does conveyancing in Malden differ for newly converted properties?
Most buyers of new build or newly converted property in Malden contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because developers in Malden usually purchase 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 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 Malden or who has acted in the same development.
Is it simple use the search tool to choose a conveyancing lawyer in Malden on the panel for my mortgage?
First pick a mortgage company such as Yorkshire Building Society, Coventry Building Society or Britannia then type in your preferred area for example Malden. Conveyancing practices in Malden and further afield will then be shown.
I am tempted by the attractive purchase price for a couple of apartments in Malden which have in the region of fifty years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Malden is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. 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 property 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 Malden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Malden conveyancing firm to act on my behalf?
Absolutely. We are happy to put you in touch with a Malden conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Malden property is 158 West Hill in November 2010. the Tribunal held that the premium to be paid for the freehold reversion should be £99,650 This case related to 7 flats. The unexpired residue of the current lease was 75.88 years.
Should local authority consent be needed to split a house into multiple appartments in Malden? This has taken place to a property opposite to my home in Malden and was unaware of it happening until it was finished.
Planning permission is necessary for converting a single house in Malden into apartments but possibly not for reverting back to single dwelling-house so, simply put, yes,a it is needed.