In the event thatI was to purchase a simple residential housein Kentish Town mortgage fee and dispense with a survey and no local authority searches how much would I expect to have to pay for conveyancing in Kentish Town?
The sole reduction in fees you would make on is the Kentish Town conveyancing searches. The lawyer is obliged to do the vast majority of work - money laundering, communicating with your sellers solicitor, SDLT submission, register the ownership etc. You might save a bit for them not needing to register a mortgage however it will not be significant.
Can you explain why leasehold purchase conveyancing in Kentish Town costs more?
Kentish Town leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My colleague suggested that where I am buying in Kentish Town I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Kentish Town conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Kentish Town around the property and the people living there. It includes 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 statistics, Kentish Town Education with plans and statistics, Local Amenities and other useful information regarding Kentish Town.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Kentish Town is where the house is located. What do you suggest?
Flying freeholds in Kentish Town are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Kentish Town you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kentish Town may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How do I locate a Kentish Town solicitor on the Britannia conveyancing panel? I have a car and am willing to travel upto 10kilometers to meet the conveyancer.
You can use the facility on this page. Please choose the bank and your location and you will see a number of Kentish Town conveyancing lawyers based on proximity. We have detailed some Kentish Town conveyancing firms at the bottom of this page and you can call them to check if they are on the Britannia panel
I am looking at a two apartments in Kentish Town which have approximately 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Kentish Town is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with less than 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 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 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 Kentish Town 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 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.
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Kentish Town. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or if there is dispute 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 judgment on the price.
An example of a Lease Extension matter before the tribunal for a Kentish Town property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The unexpired residue of the current lease was 64.77 years.