Why do I have to pay up front when it comes to conveyancing in Colliers Wood?
If you are buying a property in Colliers Wood your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the sale price then this will be required immediately before exchange of contracts. The final balance that is needed should be transferred shortly before completion.
We're in Colliers Wood, FTBs buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative 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.
What can a local search tell me regarding the house I am buying in Colliers Wood?
Colliers Wood conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example PSG The local search is essential in every Colliers Wood conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Colliers Wood?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Colliers Wood. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the input of my in-laws I had a survey completed on a property in Colliers Wood in advance of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some lenders tend not grant a mortgage on this type of home.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Colliers Wood. Conveyancing may be slightly more expensive based on your lender's requirements.
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Colliers Wood. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Lease Extension case for a Colliers Wood flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The unexpired term as at the valuation date was 62.94 years.
What are the common deficiencies that you come across in leases for Colliers Wood properties?
Leasehold conveyancing in Colliers Wood is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
Insurance obligations A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Chelsea Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.