I am obtaining a offer of a home loan from Lloyds. I intend to retain the legal services of a Licensed Conveyancer in New Eltham. Does the Lloyds Solicitor panel exclude Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My nephew is about to exchange on a new build apartment in New Eltham with a home loan from Nationwide. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It has been three months since my purchase conveyancing in New Eltham concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 residence 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.
About to purchase a new build apartment in New Eltham. 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 is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in New Eltham
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I am looking for a leasehold apartment up to £235,500 and found one near me in New Eltham I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in New Eltham suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I am employed by a long established estate agency in New Eltham where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local New Eltham conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
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 New Eltham conveyancing firm to assist?
if there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the premium.
An example of a Lease Extension matter before the tribunal for a New Eltham residence is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.