I have given 2 months notice to my existing landlord and must leave my let out property in Clerkenwell by 5/4/2019. Conveyancing on my purchase is underway. How realistic is it to complete in three weeks as I wish to avoid having to find short term accommodation?
It is unwise to provide notice for your lease unless your lawyer suggests that you should. Assuming that you have not previously done so, notify to your lawyer and request that they seek the assistance the owners solicitors, try to an acceptable time-line that all parties will work towards
Why do I have to pay up front when it comes to conveyancing in Clerkenwell?
If you are buying a property in Clerkenwell your solicitor will ask you put them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this will be asked for immediately before exchange of contracts. The final balance that is due will be payable a couple of days ahead of the day of completion.
I happen to be the single beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Clerkenwell. The Clerkenwell property was put into my name in January. I want to move. I do know about the CML 6 month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the house in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Some banks would take a pragmatic view as this requirement is primarily there to capture subsales or the flipping of properties.
Is there a list of RBS panel solicitors in Clerkenwell on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings visible online. Where you are in need of a Clerkenwell conveyancer on the RBS please use our tool.
Two weeks ago we had a mortgage agreed in principle with Principality. Clerkenwell conveyancing solicitors are instructed. What is the average time that one could expect to receive a mortgage offer from Principality?
Some lenders take longer than others. Have Principality conducted the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Clerkenwell I like with amenity areas and transport links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Clerkenwell suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
What advice can you give us when it comes to finding a Clerkenwell conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Clerkenwell conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Clerkenwell conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
Can they put you in touch with clients in Clerkenwell who can give a testimonial? If the firm is not ALEP accredited then what is the reason?
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Clerkenwell. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Lease Extension decision for a Clerkenwell residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The unexpired term was 66.8 years.