Our family lawyer has given a fee estimate £1150 for freehold conveyancing in Totteridge. I am looking to sell a modern house for £150,000. This sounds over the top. Is it in excess of what I should be paying for conveyancing in Totteridge?
The estimate does seem a tad steep. If you are content to spend time comparing quotes you could get the conveyancing a bit cheaper by perhaps £100 plus VAT. That being said, you mightcome to rue choosing an an unknown solicitor. If is important to ensure that the firm can also act for your bank. You can use our search tool to locate a Totteridge conveyancing company on the lender’s approved list of lawyers which can often include conveyancing solicitors in Totteridge.
Should my lawyer be raising questions concerning flooding during the conveyancing in Totteridge.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Totteridge. There are those who buy a house in Totteridge, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a various searches that can be undertaken by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Totteridge. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to determine if the property has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a buyer could bring a compensation claim as a result of such an misleading response. A purchaser’s solicitors will also carry out an enviro search. This will disclose whether there is any known flood risk. If so, further investigations will need to be conducted.
It has been 4 months since my purchase conveyancing in Totteridge took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 property 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Totteridge I like with a park and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Totteridge for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease may be an issue. Reduce the price 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 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am looking into buying my first house which is in Totteridge and I am already nervous. I couldn't find anything specific about Totteridge. Conveyancing will be needed in due course but do you know about the Totteridge area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Totteridge. In the meantime here are some basic statistics that we found
I am attracted to a couple of apartments in Totteridge which have in the region of fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Totteridge is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and mortgage companies, 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 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 Totteridge 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.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Totteridge. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the sum to be paid.
An example of a Lease Extension decision for a Totteridge property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 76 years.