Finally the sale completed on my house in Orpington last July but the buyer keeps SMS messaging every few hours complaining that their solicitor needs to hear from mylawyer. What are the post completion sale formalities following completion?
Following your sale your lawyer is obliged to forward the transfer deeds and all of the paperwork to the buyer’s lawyers. Where relevant, your solicitor must also evidence that the legal charge in favour of the lender has been repaid to the buyers lawyers. There is unlikely to be post completion requirements specific conveyancing in Orpington.
How does conveyancing in Orpington differ for new build properties?
Most buyers of new build or newly converted property in Orpington contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Orpington usually buy the site, 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 accustomed to new build conveyancing in Orpington 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 near me in Orpington I like with a park and station in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Orpington for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Given that I am about to part with hundreds of thousands of pounds on a house in Orpington I wish to have a conversation with the lawyer concerning theconveyancing before giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you liaising with the lawyer who will be doing your conveyancing in Orpington.There is no ‘factory style conveyancing’ - every client is an important individual, not a matter reference. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in Orpington should be the amount on the final invoice that you end up paying.
I am a negotiator for a busy estate agent office in Orpington where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Orpington conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
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 purchaser.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Orpington. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Orpington conveyancing firm who can help.
An example of a Lease Extension decision for a Orpington property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired term as at the valuation date was 50.57 years.
When it comes to my conveyancing in Orpington should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Orpington conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.