Why do I have to pay up front when it comes to conveyancing in Merton Park?
If you are buying a property in Merton Park your lawyer will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the sale price then this should be needed shortly before contracts are exchanged. Any further balance that is due should be sent to your lawyer shortly before completion.
My relative advised me that if I am purchasing in Merton Park I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Merton Park conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Merton Park around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Merton Park Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Merton Park Education with plans and statistics, Local Amenities and other useful data concerning Merton Park.
My wife and I own a renovated Georgian house in Merton Park. Conveyancing solicitor represented me and Santander. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Merton Park and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing lawyer who conducted the purchase.
I am buying a new build flat in Merton Park. Conveyancing is necessary evil 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.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Merton Park
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There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I decided to have a survey done on a house in Merton Park before instructing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders tend not grant a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Merton Park. Conveyancing may be slightly more expensive based on your lender's requirements.
I work for a busy estate agency in Merton Park where we have experienced a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Merton Park conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a first floor flat in Merton Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
if there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Merton Park premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The unexpired term as at the valuation date was 62.94 years.