I am not in a position to travel far from Worcester Park. I would like to know the understand why all Worcester Park property lawyers aren't included on all lender panels?
Even though it may seem unfair for mortgage companies to restrict who can act for them, from the public’s or conveyancer’s viewpoint, the flip side is that mortgage companies are increasingly anxious and feel it essential to defend themselves against mortgage fraud. As a consequence of this concern lenders are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
I am considering applying for a Barclays mortgage for purchase of a new build (under development) in Worcester Park with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in Worcester Park I like with a park and transport links in the vicinity, however it only has 49 years on the lease. There is not much else in Worcester Park in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the shortness of the lease will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
As co-executor for the will of my uncle I am disposing of a house in Neath but I am based in Worcester Park. My solicitor (based 260 kilometers from meneeds me to sign a stat dec before completion. Can you recommend a conveyancing practitioner in Worcester Park who can attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are based in Worcester Park
I am attracted to a two apartments in Worcester Park both have approximately 50 years unexpired on the leases. should I be concerned?
There are plenty of short leases in Worcester Park. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Worcester Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, 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 premium.
An example of a Lease Extension case for a Worcester Park premises is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The unexpired lease term was 60.43 years.
As a leasehold owner I am liable for a maintenance fee for my property in Worcester Park. Due to losing my job and other issues I fell into arrears with payments. The management company agreed a payment schedule but there is still a couple of currently outstanding.
I am under pressure to sell and I am worried this could hold me back if I have to discharge the amount due in advance. I'd like to sell up and then discharge the arrears from the completion monies - is this viable?
You should check with the lawyer handling your Worcester Park conveyancing but one option could be to arrange for the outstanding amount to be passed to the buyers. The contractual price due would be reduced to reflect the amount of debt they take on. They would then pay the outstanding monies following completion of the sale.