My wife and I are hoping to purchase a 2 bedroom apartment in Petersham with a mortgage. We like our Petersham conveyancer, but the bank advise she’s not on their "panel". It appears that we have little option but to instruct one of the lender panel conveyancing practices or retain our Petersham property lawyer as well as pay for one of their panel lawyers to represent them. We feel that this is inequitable; can we not insist that the mortgage company use our Petersham lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Petersham conveyancing lawyer to apply to be on the conveyancing panel.
I own a freehold residence in Petersham yet charged rent, why is this and what is this?
It is rare for properties in Petersham and has limited impact for conveyancing in Petersham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
A relative suggested that where I am purchasing in Petersham I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Petersham conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Petersham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Petersham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Petersham Education with plans and statistics, Local Amenities and other useful information regarding Petersham.
Due to the advice of my in-laws I had a survey completed on a house in Petersham before instructing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies will not grant a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Petersham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Petersham to see if the conveyancing will be more expensive.
What does commercial conveyancing in Petersham cover?
Commercial conveyancing in Petersham incorporates a wide array of services, supplied by qualified solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I am tempted by the attractive purchase price for a couple of apartments in Petersham which have in the region of fifty years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Petersham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. On a more positive 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 property 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 Petersham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
My wife and I have hit a brick wall in trying to purchase the freehold in Petersham. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to judgment on the premium.
An example of a Lease Extension case for a Petersham residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired residue of the current lease was 60.45 years.