I am getting closer to an exchange on a house in Elmers End and my mum and dad have transferred the exchange deposit to my property lawyer. I am now informed that as the deposit has not arrived from me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The property lawyer is obliged to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
It is a dozen years since I bought my house in Elmers End. Conveyancing solicitors have recently been retained on the sale but I am unable to locate the deeds. Is this a major issue?
You need not be too concerned. Firstly there is a possibility that the deeds will be with your mortgage company or they could be in the possession of the lawyers who oversaw your purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. Nearly all conveyancing in Elmers End involves registered property but in the rare situation where your property is unregistered it is more tricky but is not insurmountable.
How does conveyancing in Elmers End differ for newly converted properties?
Most buyers of new build or newly converted property in Elmers End contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Elmers End typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Elmers End or who has acted in the same development.
What makes your site different to alternative web based conveyancing solicitors when it comes to conveyancing in Elmers End?
At this site receive a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Elmers End. Unlike many estate agents and brokerage sites we do not have commission deals with solicitors. Some agents and online brokers 'recommend' solicitors paying the highest per referral, not the best value conveyancing in Elmers End
I am looking at a two maisonettes in Elmers End which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Elmers End is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Elmers End conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Elmers End conveyancing firm to represent me?
Absolutely. We can put you in touch with a Elmers End conveyancing firm who can help.
An example of a Lease Extension case for a Elmers End premises 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 unexpired lease term was 26.38 years.