My wife and I are purchasing a property in Motspur Park. It might be a silly question but how we can trust a lawyer? At some point we will need to put our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We have a mortgage agreed in principle with Nottingham. Motspur Park conveyancing practitioners have been appointed. What is the average time that one could expect to receive a mortgage offer from Nottingham?
Some lenders take longer than others. Have Nottingham conducted the valuation? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We were going to get a AIP from Nationwide this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nationwide recommend any Motspur Park solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Motspur Park solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
Various internet forums that I have frequented warn that are a common cause of stalling in Motspur Park house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Motspur Park.
It has been five months following my purchase conveyancing in Motspur Park completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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.
How does conveyancing in Motspur Park differ for new build properties?
Most buyers of new build residence in Motspur Park contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Motspur Park typically buy the real estate, 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 Motspur Park or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Motspur Park I like with amenity areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Motspur Park in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Do you have any advice for leasehold conveyancing in Motspur Park with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Motspur Park can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Motspur Park state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you dont have the approvals to hand do not communicate with the landlord without checking with your lawyer first. Many freeholders or Management Companies in Motspur Park charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Motspur Park. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a replacement share certificate can be a time consuming process and slows down many a Motspur Park home move. Where a new share certificate is required, do contact the company officers or managing agents (where relevant) for this as soon as possible.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Motspur Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Lease Extension decision for a Motspur Park flat is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The remaining number of years on the lease was 60.43 years.