We are a couple about to exchange contracts for a leasehold flat in Seven Kings. We encountered a stumbling block. The mortgage offer with Barclays Direct expires on 7/7/2025 but the sellers are putting forward a completion date of 9/7/2025. Is it possible to prolong the loan offer?
The best person to deal with your concern is your lawyer who should calculate if they better off negotiating with the lender, vendor’s lawyers, property agents or conceivably all parties taking into account the circumstances your conveyancing to date.
Why is leasehold purchase conveyancing in Seven Kings costs more?
Seven Kings 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.
Are there restrictive covenants that are commonly picked up during conveyancing in Seven Kings?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Seven Kings. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Seven Kings differ for new build properties?
Most buyers of new build premises in Seven Kings approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Seven Kings typically purchase 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 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 Seven Kings or who has acted in the same development.
If all goes to plan we aim to complete the disposal of our £175,000 apartment in Seven Kings in seven days. The freeholder has quoted £300 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Seven Kings?
Seven Kings conveyancing on leasehold maisonettes often necessitates the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are entitled to invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is demanded if you want to sell the property.
I am the proprietor of a basement flat in Seven Kings. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
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 you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension decision for a Seven Kings property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The number of years remaining on the existing lease(s) was 61.36 years.
Can a conveyancer remove someone from the title of my home in Seven Kings ?
Removing or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a property lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a property lawyer