We are acquiring our first house. The lawyer has messagedto check if we want to take out supplemental conveyancing searches. Unfortunately we have no idea as to what's recommended for conveyancing in Fairlop
The scope of Fairlop conveyancing searches should be dictated entirely on the property, the location, the probability of any of these risks, your familiarity of the area and risks, your overall approach to risk. What is important is that you adequately appreciate what information each search could give you. Then you can make a decision if you personally think you need that information. Should you be in doubt, ask the conveyancing practitioner to explain.
Why do I have to pay up front when it comes to conveyancing in Fairlop?
If you are buying a property in Fairlop your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. If any down payment is as part of the purchase price then this should be required immediately before contracts are exchanged. The final balance that is due will be payable shortly before completion.
Over the last few months I have been searching for a ground for flat up to £305k and identified one near me in Fairlop I like with a park and station nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Fairlop in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
How can the Landlord & Tenant Act 1954 impact my commercial premises in Fairlop and how can you help?
The 1954 Act provides protection to commercial leaseholders, granting the a statutory right to make a request to court for a renewal lease and remain in occupation when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Fairlop is one of our numerous locations in which the firms we work with have offices
I need to instruct a conveyancing solicitor for my conveyancing in Fairlop. I happened to land on a site which looks to be the perfect answer If it is possible to get all this stuff completed via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a reputable estate agency in Fairlop where we have experienced a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Fairlop conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Fairlop conveyancing firm to act on my behalf?
Most definitely. We can put you in touch with a Fairlop conveyancing firm who can help.
An example of a Lease Extension decision for a Fairlop premises is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case affected 1 flat. The unexpired term was 60.29 years.