Recently been in touch with my conveyancing lawyer in Sheen Park who conducted the legals two years ago and wanted a conveyancing estimate based on the same type of home move (a leasehold premises and a freehold property) of similar values with a loan from Barclays . It looks as though am now being quoted twice the amount. Am I right to be tempted to shop around for an alternative firm of conveyancing solicitor?
The quote is fractionally on the expensive side. If you shop around you might trim some of the expense by perhaps £100 plus VAT. That being said, if you were happy with the assistance the firm provided you couldlive to regret choosing an an unknown solicitor. If is important to check the solicitor can represent Barclays . Do employ our search tool to locate a Sheen Park conveyancing firm on the Barclays member panel, which can often include conveyancing solicitors in Sheen Park.
I am purchasing a house without a mortgage in Sheen Park. I have been living for the previous 15 years in Sheen Park. Conveyancing searches are expensive. As I know the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then all but one or two of the Sheen Park conveyancing searches are non-obligatory. Your conveyancer will 'advise', perhaps strongly, that you should have searches done, but he has a professional duty to take that path of advice. Do take into account; if you are likely to sell the house one day, it could be of relevance to your prospective buyer what the searches reveal. There are plenty of instances where houses with no practical issues can still show up detrimental search results. A good conveyancing solicitor in Sheen Park will be able to give you some helpful guidance in this regard.
I am purchasing my first flat in Sheen Park with a mortgage from Bank of Scotland. The developers would not reduce the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not inform my lawyer about this deal as it may put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Sheen Park I like with open areas and railway links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Sheen Park for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Last January I purchased a leasehold property in Sheen Park. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have had difficulty in seeking a lease extension in Sheen Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price payable.
An example of a Freehold Enfranchisement case for a Sheen Park premises is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The remaining number of years on the lease was 66.25 years.
Why can I not complete my conveyancing in Sheen Park on a public holiday?
This is due to the fact that on completion the money will be transferred electronically between the banks of the buyer and owner’s conveyancer and at present this can only take place on a working day. It is not possible to complete on a saturday or sunday either.