My fiancee and I are acquiring our first home. The property lawyer has contact usto check if we would like to take out supplemental conveyancing searches. We are really unsure what's recommended for conveyancing in Eltham
The extent of Eltham conveyancing searches depends entirely on the property, the location, the possibility of any of these risks, your knowledge of the area and risks, your overall approach to risk. What matters is that you properly appreciate what information each search could provide. Then you can make a decision if you personally think you need that search. Should you be unclear, ask your conveyancing practitioner to advise.
How does conveyancing in Eltham differ for newly converted properties?
Most buyers of new build premises in Eltham approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Eltham usually buy 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 conveyancing solicitors 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 Eltham or who has acted in the same development.
I am looking for a ground for flat up to £245,000 and found one near me in Eltham I like with a park and station nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Eltham for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Do I need to be concerned about brokers that I am dealing with are suggesting an internet conveyancing firm rather than a High Street Eltham conveyancing practice?
As is the case with lots of professional services, often referrals from connections can be worth their weight in gold. Nevertheless there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all put forward solicitors to instruct. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You are free to choose your own conveyancer. Don't forget that many lenders operate an approved list of law firms you are obliged to use for the lender aspect of your home move.
I am looking at a two flats in Eltham which have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Eltham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and banks, leases with less than eighty 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 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 Eltham 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 any new 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 dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Eltham. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the LVT to arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Eltham property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.
My partner and I plan to purchase our 1st property in Eltham. Conveyancing lawyer already instructed. The broker suggested that a survey is not needed as the property was only built in 2002.
At the very least you should have a Home Buyer's Report. Given the premises is more than 10 years old the property will not come with a warranty, so you don't want to take a risk. For a property that age with no signs of defects a Home Buyer's report could be enough. The report should highlight any obvious issues and recommend further investigation if relevant. Where there are any signs of material issues obtain a comprehensive Building Survey from the beginning.