Can you explain why leasehold purchase conveyancing in Northwood is more expensive?
Northwood leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We are selling our apartment in Northwood. Does the conveyancing practitioner need to be on the UBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the UBS 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 in recent years.
We are planning on selling our home in Northwood and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local lawyer would know that there is no such problem. 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 three years we know of no issue. Do we get in touch with our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must 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 health insurance to cover that same ailment)
How does conveyancing in Northwood differ for newly converted properties?
Most buyers of new build residence in Northwood approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Northwood usually acquire the land, 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 conveyancers 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 used to new build conveyancing in Northwood or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Northwood I like with amenity areas and transport links nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Northwood in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
Can you offer any advice when it comes to choosing a Northwood conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Northwood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Northwood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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Can they put you in touch with clients in Northwood who can give a testimonial?
Having spent years of negotiations we cannot 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?
Most certainly. We can put you in touch with a Northwood conveyancing firm who can help.
An example of a Lease Extension case for a Northwood flat 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 related to 3 flats. The remaining number of years on the lease was 71 years.