Can you explain why leasehold purchase conveyancing in Northwood is more expensive?
In summary, leasehold conveyancing in Northwood and West London usually warrants extra hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord about serving applicable notices, securing up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
My home in Northwood is up for sale and I have a purchaser. Does the property lawyer need to be on the Leeds Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
My partner and I are planning on selling our property in Northwood and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local conveyancer would know this is not the case. It does beg the question why the purchasers used a web based conveyancing practice as opposed to a conveyancing solicitor in Northwood. Having lived in Northwood for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing firm already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
How does conveyancing in Northwood differ for newly converted properties?
Most buyers of new build or newly converted property in Northwood approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because developers in Northwood typically acquire 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 Northwood or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Northwood I like with open areas and transport links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Northwood for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
What advice can you give us when it comes to choosing a Northwood conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Northwood conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Northwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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How experienced is the practice with lease extension legislation? If they are not ALEP accredited then what is the reason?
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Northwood. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the amount due.
An example of a Lease Extension case for a Northwood premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The unexpired residue of the current lease was 71 years.