I am under pressure from the owner of a property in Cudham to exchange within four weeks. What can I do to accelerate the conveyancing process?
In the event that you are under pressure for your conveyancing it is highly recommended that your lawyer is familiar with the location as they will make use of local relationships and intelligence. It is possible that they could have handled otherproperties in the same neighbourhood. You would be best advised to use a Cudham conveyancing lawyer. Second, check that the lawyer is on the on the approved list for your mortgage company. It is said that just under twenty per cent of Cudham conveyancing deals are frustrated or derailed after discovering a purchaser’s conveyancer was not on their banks list of approved solicitors. In many cases this discovery resulted in the conveyancing being held up by as much as three weeks. It is understood that this issue affects approximately one hundred thousand home sales annually. Many Cudham conveyancing firms can not represent certain lenders so do check at the outset.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would much rather use a Cudham based conveyancing firm?
You should check but the the probability is that give you one of their panel solicitors where you want the "fee-free" offer. Contact the lender to explore if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Cudham.
My friend recommended that where I am buying in Cudham I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually quoted for as part of the standard Cudham conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Cudham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cudham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Cudham.
Are there restrictive covenants that are commonly picked up during conveyancing in Cudham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cudham. 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…’
How does conveyancing in Cudham differ for new build properties?
Most buyers of new build property in Cudham contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Cudham usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cudham or who has acted in the same development.
I work for a busy estate agency in Cudham where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Cudham conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a garden flat in Cudham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Most definitely. We are happy to put you in touch with a Cudham conveyancing firm who can help.
An example of a Lease Extension case for a Cudham residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired residue of the current lease was 50.57 years.