Should commercial conveyancing searches reveal proposed roadworks that may affect a commercial land in Havering?
Many commercial conveyancing solicitors in Havering will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Havering. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Havering.
For each commercial conveyancing transaction in Havering it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Havering commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Havering.
It has been 2 months following my purchase conveyancing in Havering concluded. I have checked the Land Registry site which shows that I paid £200,000 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 premises 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.
How does conveyancing in Havering differ for newly converted properties?
Most buyers of new build residence in Havering approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Havering typically 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 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 used to new build conveyancing in Havering or who has acted in the same development.
Should I be wary about 3rd parties that I am dealing with are encouraging me to use an internet conveyancing firm rather than a High Street Havering conveyancing company?
As with lots of professional services, often input from family and friends can be extremely useful or valuable. Nevertheless there are numerous parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and lenders may recommend lawyers to select. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the endorsement. You are at liberty to select your preferred lawyer. Don't forget that the majority of mortgage providers operate an approved list of lawyers you must use for the lender aspect of your transaction.
I am tempted by the attractive purchase price for a two flats in Havering which have approximately fifty years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Havering is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat 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 Havering conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
Notwithstanding our best endeavours, we have been unsuccessful in negotiating a lease extension in Havering. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if 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 Leasehold Valuation Tribunal to make a decision on the price.
An example of a Lease Extension decision for a Havering flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired residue of the current lease was 57.5 years.
How do I search for a Havering conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to twentykilometers to attend the solicitor.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location, in this case Havering and you will see a number of lawyer located nearest Havering. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.