I chose a local firm for our conveyancing in Brixton last week. Reviewing the Terms and Conditions I seewe are on the hook for costs even if our purchase doesn't happen. Would I be best advised to appoint an on-line conveyancing brokerage offering no-sale-no-fee conveyancing in Brixton?
Generally there is a concession along the lines that if "No Sale No Fee" is advertised then the fee levels will generally be uplifted to offset the transactions that do not proceed. Dont forget that such promotions rarely cover expenditure for example Brixton conveyancing search costs.
We are a couple about to sign contracts for a freehold house in Brixton. We encountered a stumbling block. The loan offer with Norwich and Peterborough Building Society expires on 13/9/2019 but the owners are putting forward a completion date of 17/9/2019. Can one extend the mortgage expiry date?
The best person to deal with your concern is your lawyer who will assess if they corresponding with the bank, vendor’s conveyancers, property agents or conceivably all parties taking into account the circumstances your transaction to date.
I am the registered owner of a freehold property in Brixton yet pay rent, why is this and what is this?
It is rare for properties in Brixton and has limited impact for conveyancing in Brixton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Brixton I like with a park and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Brixton for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Am I right to be suspicious by 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Brixton conveyancing practice?
As is the case with many professional services, often recommendations from family and friends can be extremely useful or valuable. But there are lots of people with a keen interest in a conveyancing matter; estate agents, financial adviser and banks might all recommend lawyers to instruct. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the recommendation. You have the right to select your own conveyancer. However, bear in mind that the majority of banks specify a panel list of law firms you have to use for the mortgage aspect of your house move.
Do you have any top tips for leasehold conveyancing in Brixton from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Brixton can be bypassed if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers’ lawyers. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is less than 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved. Many landlords or managing agents in Brixton levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Brixton. If you hold a share in a the freehold, you should ensure that you hold the original share document. Organising a new share certificate is often a time consuming formality and delays many a Brixton home move. Where a reissued share is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
I am the leaseholder of a ground-floor 1960’s flat in Brixton. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Brixton property is 66 Southwell Road in March 2012. By Order of Deputy District Judge Stone dated 25 January 2012 a vesting order was made. The determination of the purchase price was referred to the Tribunal who decided that the amount payable for the freehold should be£29,612.00 This case related to 3 flats. The unexpired lease term was 72.58 years.