I am about to complete on the purchase of a property in Battersea but as a result of wreckage from the recent storms I have was able negotiate reparation from the seller in the sum of £3k in the form of a adjustment in the price. This was going to be dealt with as part of a side agreement but Principality will not permit this. Should they have been notified?
Any solicitor that is on a Principality approved list is duty bound to advise Principality of any amendments to the sale price. If you were to refuse your lawyer to report the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new solicitor for your conveyancing in Battersea.
Is there a reason why leasehold purchase conveyancing in Battersea is more expensive?
Battersea leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have been told that property searches are the primary reason for obstruction in Battersea house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Battersea.
I'm purchasing a new build house in Battersea with a mortgage from Clydesdale. The developers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my solicitor about the extras as it would put at risk my loan with Clydesdale. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I need to find a conveyancing solicitor for leasehold conveyancing in Battersea. I happened to land on a web site which looks to be the ideal offering If there is a chance to get all this stuff completed via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am tempted by the attractive purchase price for a couple of maisonettes in Battersea which have approximately forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Battersea is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. 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 premises 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 Battersea 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 have given up trying to purchase the freehold in Battersea. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Battersea conveyancing firm who can help.
An example of a Lease Extension decision for a Battersea flat is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case related to 1 flat. The unexpired lease term was 57.06 years.