I am acquiring a house for cash in Elmers End. I have lived for the last twelve years in Elmers End. Conveyancing searches are exorbitant. Given that I know the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then the vast majority of the Elmers End conveyancing searches are at your discretion. Your lawyer will 'advise', no-doubt strongly, that you should have searches done, but he has a professional duty to do this. One thing to consider; if you are intend to dispose of the house in the future, it may be of interest to your prospective buyer what the searches reveal. There are plenty of instances where premises with apparent issues can still throw up unpredicted search results. A competent conveyancing solicitor in Elmers End should provide you some helpful advice here.
Forgive me if this question is silly but I am unexperienced as a 1st time purchaser of a garden flat in Elmers End. Do I collect the keys to the premises on the completion date from my lawyer? If so, I will appoint a High Street conveyancing solicitor in Elmers End?
On the day of completion you will not be required to attend the conveyancers office in Elmers End. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be able to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I'm the only recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Elmers End. Conveyancing formalities meant that the Land Registry date was in March. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Most mortgage companies would take a practical view as this clause principally exists to identify the purchase and immediately sell or the flipping of property.
Is it the case that all Elmers End conveyancing solicitors on the Santander conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Santander approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many banks do list licenced conveyancers on their panel and in such a situation the practice would be governed by the Council of Licensed Conveyancers.
My friend suggested that if I am buying in Elmers End I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Elmers End conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Elmers End around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Elmers End.
I am a negotiator for a reputable estate agent office in Elmers End where we have witnessed a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Elmers End conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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 buyer.
I inherited a ground floor flat in Elmers End. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to determine the amount due.
An example of a Lease Extension decision for a Elmers End property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 26.38 years.
We own a leasehold flat in Elmers End. Conveyancing was completed in 2011. I have read on a number of advice forums that I mustn’t allow the the remaining lease term to fall too low. Is this correct?
Elmers End residential long term leases are for a fixed term - often ninety nine years when they commenced. However a significant appartments in Elmers End were built or converted in the 70’s80’s and so such leases now have under eighty years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage companies on the whole require leases to have at least seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to 75 years. To optimize your property value you should be considering whether or not to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease hits 80 years as when the lease falls below 80 years the premium to be paid to extend starts to get a lot more expensive.