The property market in Romford is hotting up. What can I do to speed up matters?
Where the seller is applying pressure to sign contracts it is advisable to make sure that your solicitor is familiar with the area as they will make use of local connections and intelligence. It is even conceivable that they would have handled otherhomes in the same neighbourhood. You would be best advised to use a Romford conveyancing lawyer. In addition, be sure that the lawyer is on the member panel. It is understood that 18% of Romford conveyancing deals are delayed or derailed after discovering a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the conveyancing being delayed by as much as three weeks. It is believed that this issue impacts in the region of one hundred thousand home moves every year. Many Romford conveyancing practices can not represent certain lenders so do check at the outset.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Romford. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this allowed?
Where you plan to re-mortgage then Co-operative will insist on your using a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Romford I like with amenity areas and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Romford in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will likely be an issue. 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 a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
In what way does the Landlord & Tenant Act 1954 impact my business premises in Romford and how can your lawyers assist?
The 1954 Act affords a safeguard to commercial tenants, giving them the legal entitlement to make a request to court for a new lease and continue in occupation at the end of the lease term. 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. Romford is one of our numerous areas of the UK in which our lawyers are based
My husband and I are new on the property ladder - agreed a price, yet the agent advised that the seller will only proceed if we appoint the agent's recommended solicitors as they want a ‘quick sale’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Romford
It is highly unlikely the vendors are behind this. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)but you intend to appoint your own,trusted Romford conveyancing firm - as opposed tothose that will provide their estate agent a kickback or hit his conveyancing figures pre-set by senior management.
I've recently bought a leasehold house in Romford. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We have reached the end of our tether in trying to purchase the freehold in Romford. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension decision for a Romford residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.