Me and my partner are about to complete on the purchase of a property in Downe but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the seller in the sum of £3k by way of a adjustment in the price. This was going to be addressed as part of amending the contract yet Nottingham will not agree to this. Should they have been notified?
Any property lawyer that is on the Nottingham approved list is required to disclose to Nottingham of any variations to the purchase price. If you prohibit your property lawyer to disclose the price change to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new solicitor for your conveyancing in Downe.
As a FTB what is the most important piece of guidance you can impart concerning purchase conveyancing in Downe?
You may not hear this from too many lawyers but conveyancing in Downe or throughout South East London is an adversarial process. In other words, when it comes to conveyancing there is plenty of opportunity for friction between you and others involved in the home moving process. For example, the vendor, estate agent and even potentially a mortgage company. Choosing a lawyer for your conveyancing in Downe an important selection as your conveyancer is your adviser, and is the ONLY person in the legal process whose role it is to look after your legal interests and to protect you.
On occasion a potential adversary will attempt to sway you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by suggesting your lawyer is slow. Or your mortgage broker may advise you to do something that is against your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Is it best to appoint a Downe conveyancing practitioner based in the location that I am buying? I have an old university friend who can deal with the legal work however they are based 400miles away.
The benefit of a local Downe conveyancing practice is that you can drop in to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Downe know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were impressed that must outweigh using an unfamiliar Downe conveyancing solicitor just because they are round the corner.
I am looking at a two flats in Downe which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Downe conveyancing firm to represent me?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to judgment on the price.
An example of a Lease Extension decision for a Downe premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The remaining number of years on the lease was 50.57 years.
My fiance and I have recently had an offer accepted on a house and had an appointment on Friday with Leeds Building Society for the mortgage. They advised us that when it comes to selecting a lawyer that if they are not on their approved list of property lawyers then we will be subject to an an additional charge of about two hundred pounds. This is is due to the fact that they would then have to select a solicitor to act for them in addition to the one we select on our behalf and we will be on the hook for their invoice. I have asked Leeds Building Society to send me with a list so I can obtain estimates only from their approved lawyers but was told that I need to check with each individual lawyer to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?
You should ask Leeds Building Society what their panel criteria is for a solicitor.Thereafter ask the conveyancer of your choice whether they meet the criteria and have they acted on loans for Leeds Building Society previously. If the answer to those is yes, then just clarify this with Leeds Building Society. Alternatively please make use of our search tool and we should be able to locate a solicitor in Downe on the panel for Leeds Building Society.