Do lawyers request money on account for conveyancing in Yiewsley?
If you are buying a property in Yiewsley your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. If any deposit is as part of the purchase price then this will be asked for shortly in advance of exchange of contracts. The final balance that is due should be transferred shortly before completion.
Forgive me if this question is silly but I am wet behind the ears as FTB of a two bedroom flat in Yiewsley. Do I pick up the keys to the property on the completion date from my solicitor? If so, I will instruct a local conveyancing solicitor in Yiewsley?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s lawyers, and once they have received this, you will be invited to collect the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
We have agreed to purchase a house in Yiewsley. An unusual aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with TSB your lawyer must comply with the formal requirements contained in Section two of UK Finance Lenders’ Handbook for TSB. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease does not satisfy these conditions. The specifications relate to the installation of panels on properties nationwide and is not limited to Yiewsley.
The mortgage over my property is with Kent Reliance for my property in Yiewsley. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel solicitor.
How does conveyancing in Yiewsley differ for new build properties?
Most buyers of new build or newly converted property in Yiewsley approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Yiewsley usually acquire the land, 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 conveyancing solicitors 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 Yiewsley or who has acted in the same development.
My company is intending to take over a lease of a shop on a shopping parade. Can you recommend solicitors offering no-move-no costs for non-domestic conveyancing in Yiewsley for below £1,200?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Yiewsley, including the disposal and purchase of businesses as well as simply premises. If you are looking to acquire or sell a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right firm. As for the fees this will depend on the structure and nuances of the proposed transaction. Please provide us with your details or email us so that we can furnish you with a detailed commercial conveyancing calculation.
I work for a reputable estate agency in Yiewsley where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Yiewsley conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 disposal of the property.
An alternative approach is 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.
Despite our best endeavours, we have been unsuccessful in negotiating a lease extension in Yiewsley. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where 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 First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Freehold Enfranchisement decision for a Yiewsley residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 69 years.
How and when do I cover the costs of stamp duty chargeable for my Yiewsley house purchase?
The majority of property lawyers tend to fill out a stamp duty return on your behalf during your Yiewsley conveyancing transaction for you to sign. On completion your property lawyer will submit your Land Transaction Return Form to the Tax Authorities and - as long as they have the funds - pay any tax bill due for you.