I have given 8 weeks notice to my existing landlord and must leave my rented property in Westbourne by the end of next month. Conveyancing on my purchase has just started. How realistic is it to complete in a couple of weeks as I wish to avoid having to find temporary accommodation?
It is unwise to give notice on a rental until you have exchanged. If you have not already done so, notify to your conveyancer and ask them to they cajole the sellers side, try to get a realistic time scale from them that all parties will look towards
What does my ID and proof of funds have anything to do with my conveyancing in Westbourne? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Westbourne. However these days you will not be able to complete any conveyancing deal if you have not supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as proof of identification it needs to be both the paper element and photo card part, one is not satisfactory in the absence of the other.
Evidence of your source of funds is necessary in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor must retain this information on file. Your Westbourne conveyancing lawyer will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask further questions regarding the origin of funds.
I used Arc property Solicitors a few years past for my conveyancing in Westbourne. Now, I need the documents but cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Westbourne of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a flat up to £245,000 and found one near me in Westbourne I like with amenity areas and railway links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Westbourne for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign 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.
How can the Landlord & Tenant Act 1954 affect my commercial property in Westbourne and how can you help?
The 1954 Act gives a safeguard to commercial tenants, granting the right to make a request to court for a renewal lease and remain in occupation at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Westbourne is one of our numerous areas of the UK in which the firms we work with are located
I work for a reputable estate agent office in Westbourne where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Westbourne conveyancing firms. Please can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a 1st floor flat in Westbourne, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent flats in Westbourne with an extended lease are worth £176,000. The ground rent is £50 per annum. The lease comes to an end on 21st October 2105
You have 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns 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 placing reliance on this information without first seeking the advice of a professional.