I happen to be the single beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Acton. The Acton property was put into my name in April. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be treated the same way as if I'd bought the property in April. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view mortgage companies take of it, depend on the mortgage company as this obligation principally exists to pick up on subsales or the flipping of property.
We previously chose solicitors based in Acton on the Nottingham solicitor panel. They are now charging me a supplemental charge for handling the Nottingham mortgage. Is this a supplemental conveyancing fee specified by Nottingham?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor can charge a fee for this. This fee is not set by Nottingham but by your Acton conveyancing practitioner. Plenty of firms on the Nottingham panel will charge an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
At last I have had an offer on a flat in Acton agreed to, but there is a chain. The owners have offered on a property, but it’s not yet agreed to, and are looking at other flats booked. I have instructed a high street conveyancing solicitor in Acton. What should be my next step? When should I get the mortgage application with Lloyds started?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of one thousand pounds, then valuation, Acton conveyancing search charges, etc). First, you must check that your property lawyer is on the Lloyds conveyancing panel. As to the next phase this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. During a rising market the majority of buyers would apply for the mortgage with Lloyds and pay for the valuation and only if it was satisfactory would they request their conveyancer to proceed with searches.
How does conveyancing in Acton differ for new build properties?
Most buyers of new build premises in Acton approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because developers in Acton tend to acquire the real estate, 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 conveyancing solicitors 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 Acton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Acton is where the house is located. Can you offer any assistance?
Flying freeholds in Acton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Acton you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Acton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We're new to the buying process - had an offer accepted, but the selling agent told us that the vendor will only issue a contract if we appoint their chosen lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a local solicitor used to conveyancing in Acton
It is unlikely the vendors are driving this. Should the vendor desire ‘a quick sale', turning down a serious purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and explain that (a)you are serious purchasers (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you intend to appoint your preferred Acton conveyancing solicitors - not the ones that will provide the estate agent a referral fee or hit his conveyancing thresholds demanded by senior management.
Having had my offer accepted I require leasehold conveyancing in Acton. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Acton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the proprietor of a two-bedroom flat in Acton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price payable.
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 affected 2 flats. The unexpired lease term was 63.75 years.
We are contemplating appointing an online conveyancer ahead of a Acton conveyancing firm. Am I making a mistake?
Advantages do exist in being able to attend a local Acton conveyancing solicitor for example
- signing papers on short notice
- sometimes being able to see someone face-to-face can make a significant difference, particularly for non-standard conveyancing
- the ability to complain if matters go pear-shaped
When comparing fees, look out for hidden extras. The majority decent Acton high street solicitors give an all-inclusive figure. Often online agents seem to offer cheap fees, but have burried 'extras' in the in the terms and conditions.