Unfortunately I am unable to travel far from Chessington. Is there a reason why all Chessington solicitors aren't included on all lender panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or conveyancer’s viewpoint, the flip side is that lending institutions are increasingly anxious and regard it vital to shield themselves from illegal activities. As a consequence of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
My partner and I are only a couple days away from an exchange on a flat in Chessington and my parents have transferred the ten percent deposit to my solicitor. I am now told that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The property lawyer is duty bound to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I am considering mortgaging my house in Chessington, does my lawyer have to be on the RBS Conveyancing panel?
There is nothing to stop you using your solicitor, but RBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My friend recommended that where I am buying in Chessington I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Chessington conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Chessington around the property and the people living there. It includes 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, Chessington Education with plans and statistics, Local Amenities and other useful data regarding Chessington.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, chain free conveyancing. Chessington is where the house is located. Can you offer any assistance?
Flying freeholds in Chessington are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chessington you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chessington may decide 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 premises.
I am tempted by the attractive purchase price for a two maisonettes in Chessington which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Chessington is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and banks, leases with under eighty 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 Chessington 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 the agreed 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 tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Chessington conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Chessington conveyancing firm who can help.
An example of a Lease Extension decision for a Chessington property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.