I have given 8 weeks notice to my existing landlord and must leave my let out property in Otford by the end of next month. Conveyancing on my purchase is underway. Can I complete in 5 weeks as I wish to avoid having to find temporary accommodation?
Generally one should not provide notice for your tenancy unless you have exchanged. If you have not previously done so, notify to your solicitor and request that they seek the assistance the owners lawyers, try to get a realistic time scale from them that all parties will work to achieve
Do commercial conveyancing searches disclose proposed roadworks that could impact a commercial estate in Otford?
Its becoming the norm that commercial conveyancing solicitors in Otford will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Otford. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Otford.
For each commercial conveyancing transaction in Otford it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Otford commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Otford.
I acquired my flat on 4 June and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Otford advises it will be concluded in less than a month. Are properties in Otford uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Otford registration formalities. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether there are errors and if the Land registry have to notify any 3rd persons or bodies. At present roughly 80% of such applications are completed within two weeks but some can be subject to extensive hold-ups. Registration is effected once the purchaser has moved in to the property thus post completion formalities is not usually an essential issue yet where it is urgent that the the registration takes place urgently then you or your lawyers must contact the land registry and explain the circumstances.
I'm buying a new build house in Otford benefiting from help to buy. The sellers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not inform my lawyer about this deal as it will jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Otford I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Otford suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the anticipated 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 ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Do you have any advice for leasehold conveyancing in Otford from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Otford can be reduced where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers’ lawyers. Many freeholders or managing agents in Otford levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Otford. A minority of Otford leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Otford leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such alterations. Should you dont have the consents to hand do not contact the landlord without contacting your lawyer in the first instance. If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
I purchased a leasehold flat in Otford, conveyancing having been completed December 2002. Can you work out an approximate cost of a lease extension? Corresponding properties in Otford with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2094
With 70 years unexpired the likely cost is going to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.