I am soon to exchange buying a house in Coulsdon but as a result of wreckage from some water damage at the property I have was able negotiate recompense from the owner in the sum of six thousand pounds taking the form of a reduction in the price. I had intended this to be addressed as part of amending the contract yet Skipton are not allowing this. Should they have been notified?
Your lawyer being on the Skipton conveyancing panel is obliged to advise Skipton of any variations to the purchase price. If you were to refuse your conveyancing practitioner to disclose the price change to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new solicitor for your conveyancing in Coulsdon.
Can you help - my lawyer says that lack of planning permission insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Coulsdon?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
The formalities of my purchase has taken place for my property in Coulsdon. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I had an offer accepted on a property in Coulsdon on 3/6/2019, valuation was booked five days later, received a clean bill of health. Conveyancer appointed, so all that was missing was my mortgage offer. Having made daily calls to Nationwide and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nationwide conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
What will a local search inform me concerning the property I am buying in Coulsdon?
Coulsdon conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search is essential in every Coulsdon conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (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.
It has been four months following my purchase conveyancing in Coulsdon took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Coulsdon benefiting from help to buy. The sellers refused to budge the price so I negotiated £7000 of extras instead. The sale representative suggested that I not to tell my conveyancer about this extras as it will put at risk my mortgage with the bank. 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 am looking at a couple of apartments in Coulsdon which have about forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Coulsdon is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive 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 a residence 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 Coulsdon 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Having spent years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Coulsdon. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Coulsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Coulsdon property is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case affected 3 flats. The remaining number of years on the lease was 75 years.