We have very pushy vendors who has suggested a preliminary contract with a down payment 6,000. Are such contracts appropriate for Ravenscourt Park conveyancing transactions?
Exclusivity contracts are contracts binding a home owner and purchaser granting the buyer a ‘clear field’ to purchase the premises within an agreed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you should have a contract at a later date being the contract for the actual sale. It is generally used for buyer confidence though in many situations, the proprietor may enjoy an upside from such agreements as well. There are various pros and cons to having them but you need to check with your solicitor but note that it may result in costing you extra in conveyancing fees. For this these contracts are avoided when it comes to conveyancing in Ravenscourt Park.
I moved into my home on 5 May and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Ravenscourt Park said it should be recorded in less than a month. Are transfers in Ravenscourt Park particularly slow to register?
As far as conveyancing in Ravenscourt Park is concerned, registration is no faster or slower than the rest of England and Wales. Rather than based on location, timescales can differ according to who lodges the application, whether it is in order and if the Land registry communicate with any other parties. Currently approximately 80% of such applications are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Registration occurs after the buyer is living at the premises thus 'speed' is not always primary concern but where there is a degree of urgency associated with the registration then you or your conveyancer could contact the land registry and explain the circumstances.
Over the last few months I have been searching for a flat up to £305k and found one close by in Ravenscourt Park I like with amenity areas and station nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Ravenscourt Park in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer 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 twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I have been pointed in your direction by a few estate agents in Ravenscourt Park to choose a solicitor on your site. What’s the financial incentive for Estate Agents to offer your site rather than a competitor’s?
We refuse to make any referral fee for sending work to this site. We thought it would be too underhand a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am tempted by the attractive purchase price for a couple of flats in Ravenscourt Park which have about fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Ravenscourt Park is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and lenders, leases with less than 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 premises 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 premises 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 Ravenscourt Park 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 the agreed 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.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Ravenscourt Park conveyancing firm to assist?
Most definitely. We are happy to put you in touch with a Ravenscourt Park conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Ravenscourt Park flat is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case affected 2 flats. The unexpired lease term was 68.32 years.
Do I need to attend the offices of the bank conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Ravenscourt Park as it will be easier to attend their offices if required.
Most conveyancing panel lawyers for the bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Ravenscourt Park. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.