A relative advised me that in buying a property in East Sheen there may be a number of restrictions limiting what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in East Sheen which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in East Sheen should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not fathom if my bank requires a lease extension. I have called into my local East Sheen bank branch on various occasions and was told they are content with the situation and they will lend. My East Sheen conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I simply don't know who is right.
Your property lawyer must follow the CML Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local East Sheen solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your East Sheen postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in East Sheen.
4 months have elapsed since my purchase conveyancing in East Sheen completed. I have checked the Land Registry site 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 residence 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 decided to have a survey done on a house in East Sheen before instructing solicitors. I have been advised that there is a flying freehold element to the property. The surveyor has said that some banks tend not issue a loan on this type of property.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in East Sheen. Conveyancing will be smoother if you use a solicitor in East Sheen especially if they are familiar with such properties in East Sheen.
We are one month into a freehold purchase having been recommend to conveyancers by the estate agent to handle our conveyancing in East Sheen. We are not happy. Could you help me find new conveyancers?
A solicitor would need to be very bad in order to consider diss instructing them. Has your mortgage been sent? If so you need to inform them of the replacement conveyancer and get the offer are re-issued. Your new conveyancer needs to be on the lenders approved list to avoid added costs and complications. That should be your starting point. The search tool can help you find a bank approved lawyer for your conveyancing in East Sheen
I am tempted by the attractive purchase price for a couple of flats in East Sheen which have in the region of fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in East Sheen is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. 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 East Sheen 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 to extend my lease without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a East Sheen conveyancing firm to act on my behalf?
in cases where there is a missing freeholder 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 LVT to make a decision on the premium.
An example of a Freehold Enfranchisement decision for a East Sheen property is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The unexpired term was 66.25 years.
Is there a difference between surveying and conveyancing in East Sheen?
Conveyancing - in East Sheen or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the vendor to fix the problems prior to you complete your move.