Why is leasehold purchase conveyancing in Crayford costs more?
The conveyancing costs on a leasehold property in Crayford is often greater when contrasted to a freehold acquisition or disposal. This is due to the additional investigations required in communicating with the landlord and management company to collate the evidence concerning whether the rent and service charges have been cleared and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
This question may be naive but I am new to the house moving as FTB of a garden flat in Crayford. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Crayford?
On the day of completion you will not be required to attend the conveyancers office in Crayford. Your solicitors will electronically transfer the purchase money to the seller's lawyers, and once they have received this, you should be invited to collect the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
Last month we had a mortgage agreed in principle with Santander. Crayford conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander conducted the valuation? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Crayford solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Crayford surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Hoping to buy a property located in Crayford and I am already nervous. I couldn't find anything specific about Crayford. Conveyancing will be needed in due course but do you know about the Crayford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Crayford. In the meantime here are some basic statistics that we found
Completion is due on our sale of a £350,000 garden flat in Crayford next Tuesday. The freeholder has quoted £300 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Crayford?
For most leasehold sales in Crayford conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-contract questions
Where consent is required before sale in Crayford
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Following months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Crayford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the price.
An example of a Lease Extension case for a Crayford residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term was 76 years.
I own a leasehold flat in Crayford. Conveyancing was finished in five years ago. I have heard that I should not allow the the remaining lease term to fall too low. What is the reasoning?
Crayford domestic long term leases are for a set term - usually just under one hundred years when they started. However many flats in Crayford were constructed or converted 30 or more years ago and so these leases now have less than eighty years remaining. That may seem like a long time but Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are approaching 75 years. To increase the saleability of your property you should be thinking about whether to extend your lease long before you come to sell it. There are also significant benefits to doing so before the lease reaches even 80 years as when the lease is below eighty years the amount to be paid to extend starts to escalate.