My flat in Shepherd's Bush is up for sale and I have a buyer. Does my lawyer have to be on the Virgin Money conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
four months have elapsed since my purchase conveyancing in Shepherd's Bush concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build apartment in Shepherd's Bush. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Shepherd's Bush
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Shepherd's Bush I like with a park and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Shepherd's Bush in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan that many years will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
My partner has encouraged me to appoint his conveyancers in Shepherd's Bush. Do I take his recommendation?
There are no two ways about it it’s preferable to find a conveyancing solicitor is to seek guidance from friends or relatives who have actually previously instructed the solicitor you're are thinking of instructing.
I am looking at a two maisonettes in Shepherd's Bush which have about 50 years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Shepherd's Bush is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. 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 a residence 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 Shepherd's Bush 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Having spent months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Shepherd's Bush. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Shepherd's Bush conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Shepherd's Bush premises is 82 Minford Gardens in February 2009. The Tribunal determined that the enfranchisement price was £37,341 This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.92 years.