I am under pressure from the seller of a property in Addington to complete within four weeks. What can I do to speed up matters?
Where you are under a tight deadline to exchange it is advisable to make sure that your solicitor is familiar with the area as they will have local connections and insight. It is possible that they would have handled otherhouses in the same street. Therefore consider using a Addington conveyancing lawyer. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Addington conveyancing transactions are frustrated or jeopardised after finding out that a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the transaction being held up by almost three weeks. It is understood that this issue affects in the region of one hundred thousand home sales annually. Almost all Addington conveyancing practices can not represent certain lenders so do check at the outset.
Why do I have to pay up front when it comes to conveyancing in Addington?
Where you are retaining lawyers for conveyancing in Addington your solicitor will ask you to provide them with funds to cover the search fees. Generally this is needed to cover the fees of the Local Authority Search. When the down payment is payable against the purchase price then this should be asked for immediately prior to exchange of contracts. The closing balance that is needed should be transferred shortly before completion.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Addington I like with open areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Addington in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years may be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
We are a fortnight into a freehold purchase having been directed to conveyancers by the high street agent to perform conveyancing in Addington. We are not happy. Can you help me find new lawyers?
They would have to be really poor to suggest replacing them. Has your mortgage been sent? In the event that it has you need to make them aware of the new lawyer and have the loan are re-issued. Your conveyancer needs to be on the banks approved list to avoid supplemental expenses and delays. That should be your starting point. Our find a solicitor tool can help you find a lender approved lawyer for your home move in Addington
My wife and I purchased a leasehold house in Addington. Conveyancing and Bank of Ireland mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Addington who previously acted has now retired. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Addington conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Addington. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to calculate the amount due.
An example of a Freehold Enfranchisement case for a Addington premises is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case related to 2 flats. The unexpired term as at the valuation date was 76.75 and 88.83.