My colleague advised me that if I am purchasing in Alexandra Park I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Alexandra Park conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Alexandra Park around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Alexandra Park Education with plans and statistics, Local Amenities and other useful information about Alexandra Park.
My wife and I purchased a 4 bedroom Georgian property in Alexandra Park. Conveyancing lawyer represented me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Alexandra Park and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing solicitor who carried out the work.
I'm buying a new build house in Alexandra Park with a mortgage from Clydesdale. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not disclose to my conveyancer about the side-deal as it could impact my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Is it simple use your search facility to find a conveyancing lawyer in Alexandra Park on the approved list for my bank?
First select a bank such as National Westminster Bank, Virgin Money or Bank of Ireland then type in your preferred area such as Alexandra Park. Conveyancing practices in Alexandra Park and nationally will then be listed.
We are 18 days into a leasehold purchase having been referred to conveyancers by the high street agent to carry out the conveyancing in Alexandra Park. I am not happy. Could you help me find new solicitors?
A lawyer would need to be very bad to suggest diss instructing them. Has the loan offer been generated? If so you will need to inform them of the new contact details and ensure the mortgage documents are re-sent. The solicitor ideally needs to be on the banks approved list to avoid escalating costs and frustration. So that should be your starting point. Our find a solicitor tool can help you find a lender approved conveyancer for your home move in Alexandra Park
I am a negotiator for a busy estate agent office in Alexandra Park where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Alexandra Park conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a garden flat in Alexandra Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to decide the premium.
An example of a Lease Extension matter before the tribunal 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 was in relation to 1 flat. The remaining number of years on the lease was 65.21 years.