As I am unsure how the conveyancing process works what is the most important number one tip you can give me about purchase conveyancing in Alexandra Park?
You may not hear this from too many lawyers but conveyancing in Alexandra Park or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of room for conflict between you and other parties involved in the ownership transfer. For instance, the vendor, selling agent and sometimes the mortgage company. Appointing a lawyer for your conveyancing in Alexandra Park is a critical decision as your conveyancer is your adviser, and is the SOLE person in the legal process whose responsibility is to act in your best interests and to keep you safe.
Sometimes a third party with a vested interest may try and persuade you that you should follow their advice. As an example, the property agent may claim to be helping by suggesting your lawyer is slow. Or your mortgage broker may try to convince you to do take action that is against your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We're in Alexandra Park, First time buyers buying with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Can I be sure that the Alexandra Park conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Alexandra Park obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor conducting your transaction.
We are getting a further advance on our home loan from Co-operative as we wish to carry out improvements to our house in Alexandra Park. Are we obliged to select a nearby Alexandra Park solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative would not normally require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative conveyancing panel.
Planning on purchasing a flat in Alexandra Park. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Alexandra Park conveyancing practitioner is on the Nationwide conveyancing panel.
I understand that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a house in Alexandra Park? or Apparently there is a law dating back centuries that means some homeowners living in a parish church boundary will be compelled to pay for repairs to the chancel in proximity to the church. Is this relevant for conveyancing in Alexandra Park?
Unless a prior purchase of the premises completed post 12 October 2013 you can assume that solicitors carrying out conveyancing in Alexandra Park to remain encouraging a chancel search and or insurance against a claim.
I was pointed in your direction by numerous selling agents in Alexandra Park to find a property lawyer on your site. What’s the financial incentive for Estate Agents to recommend your lawyers rather than alternative conveyancing organisations?
We refuse to give any commission for sending work in our direction. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am tempted by the attractive purchase price for a couple of maisonettes in Alexandra Park which have approximately forty five years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Alexandra Park is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. 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 residence 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 Alexandra Park 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 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.
I inherited a garden flat in Alexandra Park. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Where there is a absentee 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 LVT to judgment on the price.
An example of a Lease Extension case for a Alexandra Park residence is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case affected 1 flat. The remaining number of years on the lease was 65.21 years.