The Earlsfield conveyancing firm handling our Earlsfield conveyancing has discovered a discrepancy between the assumptions in the valuation report and what is in the conveyancing documents. My solicitor has advised that he needs to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Will conveyancers ask for money on account for my conveyancing in Earlsfield?
Where you are retaining lawyers for conveyancing in Earlsfield your solicitor will ask you put them with funds to cover the search fees. Ordinarily this is called for to cover the fees of the conveyancing searches. If any deposit is payable against the purchase price then this will be asked for shortly prior to exchange of contracts. The closing balance that is due should be transferred a few days prior to the day of completion.
My colleague recommended that where I am purchasing in Earlsfield I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Earlsfield conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Earlsfield around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Earlsfield Education with maps and statistics, Local Amenities and other useful information about Earlsfield.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Earlsfield I like with open areas and station in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Earlsfield in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am looking at a two flats in Earlsfield both have approximately fifty years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Earlsfield is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and mortgage companies, leases with under 75 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 property 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 Earlsfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
After months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Earlsfield. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Freehold Enfranchisement case for a Earlsfield property is 35 Trewint Street in February 2012. The Tribunal arrived at a premium of £32 425 for the freehold reversion. The matter was transferred back to the court for further consideration which required the applicants pay the premium (less any assessed costs) into court after which the court would execute a transfer of the freehold. This case related to 2 flats. The unexpired lease term was 70.57 years.
Do all mortgage companies provide you with an approved list of Earlsfield solicitors? How do you know who is on the lender conveyancing panel?
Earlsfield law firm practices and firms conducting conveyancing in Earlsfield themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the lender directly.