Is it realistic for conveyancing in Maida Vale to be concluded in a month?
First, If the seller is applying time constraints to sign contracts we would recommend that your solicitor is familiar with the location as they will make use of local connections and insight. It is even conceivable that they could have transacted otherproperties in the same street. Therefore consider using a Maida Vale conveyancing solicitor. In addition, make sure that the conveyancing firm is on the lender panel. It is estimated that nearly one in five of Maida Vale conveyancing transactions are frustrated or derailed after finding out that a buyer’s conveyancer was not on their banks list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being delayed by almost three weeks. It is claimed that this issue affects approximately one hundred thousand home moves annually. Most Maida Vale conveyancing firms can not represent certain lenders so do check at the outset.
I am buying my first flat in Maida Vale with a loan from The Royal Bank of Scotland. The builders would not budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not reveal to my solicitor about the side-deal as it may put at risk my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £235,500 and found one round the corner in Maida Vale I like with amenity areas and station nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Maida Vale in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am looking into buying my first house which is in Maida Vale and I am already nervous. I couldn't find anything specific about Maida Vale. Conveyancing will be needed in due course but do you know about the Maida Vale area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Maida Vale. In the meantime here are some basic statistics that we found
Do you have any top tips for leasehold conveyancing in Maida Vale from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Maida Vale can be bypassed if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers. A minority of Maida Vale leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and delays many a Maida Vale conveyancing deal. Where a duplicate share certificate is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later. The majority of freeholders or Management Companies in Maida Vale charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Maida Vale.
Notwithstanding our best efforts, we have been unsuccessful in seeking a lease extension in Maida Vale. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Maida Vale conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Maida Vale premises is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case affected 2 flats. The unexpired residue of the current lease was 70.02 years.