We were just about to exchange contracts for a leasehold flat in Merton Park. We have hit a problem. Our mortgage offer with Britannia runs out on 6/1/2020 but the sellers are insisting on a completion date of 8/1/2020. Is it possible to extend the loan offer?
The person best placed to deal with your issue is your conveyancer who should determine whether he or she is should be discussing with the lender, vendor’s representatives, property agents or indeed all parties given the history of your transaction to date.
What is the best way to check that the solicitor conducting my conveyancing in Merton Park is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Scotland thus spending £187.00 plus VAT in another set of conveyancing bill.
You should make the most of the search tool on this web page. Please choose the mortgage company and type ‘Merton Park’ or your location and you will discover numerous solicitors offices in Merton Park or nearest you.
What will a local search inform me regarding the house I am buying in Merton Park?
Merton Park conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search plays a central role in most Merton Park conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I am looking for a flat up to £195,000 and identified one round the corner in Merton Park I like with amenity areas and transport links in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Merton Park suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
What is different about your site and alternative web based conveyancing solicitors when it comes to conveyancing in Merton Park?
At this site secure an accurate quote from a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Merton Park. Unlike many estate agents and brokerage sites we do not have kick-back deals with solicitors. A large number of agents and online brokers 'recommend' solicitors that pays the highest per referral, rather than the best value conveyancing in Merton Park
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Merton Park. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Merton Park ?
The majority of houses in Merton Park are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Merton Park in which case you should be shopping around for a Merton Park conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.
We have reached the end of our tether in trying to purchase the freehold in Merton Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to determine the price.
An example of a Lease Extension case for a Merton Park flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The remaining number of years on the lease was 62.94 years.