We instructed a Shepherd's Bush based firm for my conveyancing in Shepherd's Bush recently. Reviewing the Ts and Cs it is apparent thatwe are liable for fees even if the dealdoes not go ahead. Should I ditch them and select an internet conveyancing brokerage offering no-sale-no-fee conveyancing in Shepherd's Bush?
Generally there is a compromise along the lines that if "No Sale No Fee" is offered then the fee levels will tend to be be higher to counteract the transactions that do not go ahead. Dont forget that such promotions tend not to protect you from disbursements for instance Shepherd's Bush conveyancing search expenses.
I happen to be the single beneficiary of my late mum's will and I have everything in my name alone, including the house in Shepherd's Bush. The Shepherd's Bush property was put into my name in December. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Some banks would take a practical view as this obligation is primarily there to capture the purchase and immediately sell or the quick reselling of properties.
We expect to receive a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Shepherd's Bush solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Shepherd's Bush solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
The formalities of my remortgage has taken place for my property in Shepherd's Bush. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
A relative advised me that if I am purchasing in Shepherd's Bush I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Shepherd's Bush conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Shepherd's Bush around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Shepherd's Bush Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Shepherd's Bush Education with plans and statistics, Local Amenities and other useful information about Shepherd's Bush.
It has been 2 months since my purchase conveyancing in Shepherd's Bush concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Shepherd's Bush differ for new build properties?
Most buyers of new build or newly converted property in Shepherd's Bush come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because builders in Shepherd's Bush usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shepherd's Bush or who has acted in the same development.
I am attracted to a two apartments in Shepherd's Bush both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Shepherd's Bush is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. 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 property 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 a residence 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 Shepherd's Bush conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
I inherited a a ground floor purpose built flat in Shepherd's Bush. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to arrive at the price payable.
An example of a Freehold Enfranchisement decision for a Shepherd's Bush property is 82 Minford Gardens in February 2009. The Tribunal determined that the enfranchisement price was £37,341 This case was in relation to 2 flats. The unexpired lease term was 72.92 years.