AssumingI were to purchase a freehold propertyin New Addington for cash and have no survey and no local authority searches how much would I expect to have to pay for conveyancing in New Addington?
Any savings you would make would be isolated to the New Addington conveyancing searches. The property lawyer still be obliged to do everything else - money laundering, communicating with the vendors solicitor, stamp duty return, register the property etc. A marginal saving might be made by not needing to register a mortgage however it will not be a lot.
I am considering applying for a TSB mortgage for purchase of a new build (under development) in New Addington with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am currently in the process of buying my council flat in New Addington. I have a mortgage agreed with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
About to purchase house in New Addington. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the New Addington conveyancing practitioner is on the Barclays conveyancing panel.
Virgin Money have agreed my mortgage in principle, my offer on a flat in New Addington has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (ensure that the conveyancers are on the bank’s panel). Contact Virgin Money or the financial adviser and finalise any outstanding forms. Virgin Money will sellect a valuer who will get in touch with the estate agent or seller to book a slot for the valuation to occur. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. Virgin Money will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in New Addington.
I am looking for a ground for flat up to £245,000 and found one close by in New Addington I like with a park and transport links in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in New Addington suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I am a sole trader looking to lease a unit on a shopping parade. Can you recommend lawyers offering competitive charges for commercial conveyancing in New Addington for less than £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in New Addington, including the sale and acquisition of businesses as well as simply property. If you are hoping to acquire or sell a shop, pub, restaurant, office, retail unit or a whole business we will find you the right lawyer. As for the fees these will vary based on the structure and complexity of the proposed transaction. Please provide us with your contact information or email so as to enable us to furnish you with comprehensive commercial conveyancing calculation.
I am tempted by the attractive purchase price for a couple of flats in New Addington both have approximately 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in New Addington is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 residence 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 New Addington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Following years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in New Addington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a New Addington conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a New Addington property is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The unexpired term was 78.32 years.