A friend informed me that in buying a property in South Harrow there could be a number of restrictions prohibiting external alterations to the property. Is this right?
There are a number of properties in South Harrow which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in South Harrow should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all South Harrow solicitor firms on the Nottingham conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Nottingham conveyancing panel they would need to be regulated by the SRA. Some banks do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
Co-operative have agreed my mortgage in principle, my bid on a apartment in South Harrow has been accepted, now what?
Your estate agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Telephone Co-operative or your broker and finish off any appropriate forms. Co-operative will instruct a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes on average a fortnight to get a mortgage offer. Co-operative will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in South Harrow.
How does conveyancing in South Harrow differ for newly converted properties?
Most buyers of new build residence in South Harrow come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in South Harrow tend to 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 conveyancers 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 accustomed to new build conveyancing in South Harrow or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in South Harrow I like with open areas and transport links in the vicinity, however it only has 61 years on the lease. There is not much else in South Harrow in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Am I right to be suspicious about brokers that I am dealing with are recommending a national conveyancing firm rather than a local South Harrow conveyancing firm?
As with many professional services, often input from relatives can be extremely useful or valuable. Nevertheless there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may put forward lawyers to instruct. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the recommendation. You are free to appoint your own conveyancer. You need to be aware that most lenders have an approved list of lawyers you must use for the lender aspect of your transaction.
I am tempted by the attractive purchase price for a two flats in South Harrow which have in the region of 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in South Harrow 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 property. The majority of purchasers and banks, leases with less than eighty 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 a property 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 South Harrow 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. 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 have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a South Harrow conveyancing firm to assist?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the premium.
An example of a Lease Extension case for a South Harrow flat is GFF 1 Holyrood Avenue in May 2014. The Tenant wished to acquire a new (extended) lease and applied to the Willesden County Court who granted a vesting order on 20* March2013. The Tribunal decied that the premium to be paid was £9,062 This case affected 1 flat. The unexpired term as at the valuation date was 79 years.
Me and my fiance have just had an offer accepted on a property and had meeting on Monday with the Post Office for the mortgage. They have informed us that when it comes to selecting a solicitor that if they are not on their approved panel of property lawyers then we will have to pay out an extra fee of £200. This is is due to the fact that they would then have to appoint a property lawyer to act for them in addition to the one we choose to act for ourselves and we are liable for their costs. I have asked the Post Office to furnish me with a list so I can obtain estimates only from their approved conveyancers but was told that I need to check with each individual solicitor to see if they are on the panel. What would be the best way of going about this?
You should ask the Post Office what their panel criteria is for a conveyancer.Then ask the conveyancer of your choice whether they fit that criteria and have they acted on loans for the Post Office previously. If the answer to those is yes, then just double check with the Post Office. Another option is to make use of our search tool and we should be able to locate a lawyer in South Harrow on the panel for the Post Office.