I am buying a property mortgage free in Acton. I have lived for the previous twelve years in Acton. Conveyancing searches are expensive. Given that I know the area and road intimately must I have all the conveyancing searches?
If you not getting a home loan, then all but one or two of the Acton conveyancing searches are at your discretion. Your solicitor will try and sway you, perhaps strongly, that you should have searches done, but she is duty bound to do this. Do consider; if you are going to sell the house one day, it may be of importance to your future buyer what the searches determine. On occasion houses with day to day issues can still throw up negative search results. A competent conveyancing solicitor in Acton will provide you some sensible guidance in this regard.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Acton. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Virgin Money will require that you use a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
My partner and I have arranged the release of further funds on our mortgage from Aldermore as we wish to conduct renovations to our home in Acton. Do we need to appoint a bricks and mortar Acton solicitor on the Aldermore conveyancing panel to handle the paperwork?
Aldermore do not ordinarily appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
I am currently in the process of buying my council flat in Acton. I have a mortgage agreed with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I have a mortgage with Virgin Money for my property in Acton. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel lawyer.
Are there restrictive covenants that are commonly identified as part of conveyancing in Acton?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Acton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build apartment in Acton. Conveyancing is necessary evil 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.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Acton
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I am attracted to a two flats in Acton both have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Acton. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Acton conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a Acton conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Acton premises is 4 Woodhurst Road in July 2013. The Tribunals valuation for the premium to be paid in respect of the collective enfranchisement was £51,050. This case was in relation to 2 flats. The unexpired lease term was 63.75 years.