Is it realistic for conveyancing in West Kensington to be completed in a month?
In a situation where you are under a tight deadline for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will have local relationships and intelligence. It is possible that they could have transacted previousproperties in the same road. You would be best advised to use a West Kensington conveyancing solicitor. Second, make sure that the lawyer is on the lender panel. It is claimed that 18% of West Kensington conveyancing transactions are suspended or derailed after finding out that a buyer’s lawyer was not on their banks list of approved solicitors. In many cases this discovery resulted in the legal process being delayed by almost three weeks. It is claimed that this issue impacts approximately 100,000 home sales annually. Most West Kensington conveyancing practices can not act for certain mortgage companies so do check as early as possible.
A colleague suggested that where I am purchasing in West Kensington I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard West Kensington conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about West Kensington around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the West Kensington Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, West Kensington Education with plans and statistics, Local Amenities and other useful information about West Kensington.
How does conveyancing in West Kensington differ for new build properties?
Most buyers of new build or newly converted property in West Kensington approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in West Kensington usually purchase the land, 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 conveyancers 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 West Kensington or who has acted in the same development.
I was advised by two or three local selling agents in West Kensington to choose a property lawyer using your seach tool. Is there a financial upside for Estate Agents to market your site ahead of another?
We don’t offer any financial incentive for directing people our way. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
What are your top tips when it comes to finding a West Kensington conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a West Kensington conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non West Kensington conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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How familiar is the practice with lease extension legislation? What volume of lease extensions has the firm completed in West Kensington in the last year?
I am the proprietor of a basement flat in West Kensington. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
Absolutely. We can put you in touch with a West Kensington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a West Kensington property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired term as at the valuation date was 37.79 years.
We are midway through buying a residence in West Kensington. Conveyancing lawyer has called to say the property is "Leasehold". Will this likely make a difference on the marketability of the house?
West Kensington conveyancing does not normally involve leasehold houses. The crucial factor here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it shouldn't impact the value too much.
On the flip side, if it's, say, fifty five years it is bound to have a adverse effect on the value, and most likely wouldn't be acceptable to the lender. The length of lease and ground rent will be set out in the lease to be supplied to your property lawyer.