I have given 2 months notice to my current landlord and must leave my rented apartment in Plumstead by the end of next month. Conveyancing on my purchase is underway. Can I complete in 4 weeks as don't want to have to move into short term accommodation?
Generally one should not serve notice for your lease unless you have exchanged. If you have not previously done so, notify to your lawyer and request that they chase the owners side, try to a target completion date that all parties will work to achieve
We're in Plumstead, First time buyers buying with a mortgage (lender is Virgin Money , and our solicitor is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Have completed on a a semi-detached house in Plumstead , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Plumstead conveyancing solicitor has been very slow, so I want to be certain the land registry aspects are addressed.
There is nothing unique when it comes to conveyancing in Plumstead registration formalities. As opposed to being determined by geographic area, timescales can differ depending on who lodges the application, whether it is in order and whether the Land registry have to notify any other parties. As of today in the region of 80% of submission are completed in less than three weeks but occasionally there can be longer delays. Historically registration is effected after the purchaser has moved in to the property so 'speed' is not always top priority yet where it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
Do you have any top tips for leasehold conveyancing in Plumstead with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Plumstead can be reduced where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers’ representatives. You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. The majority of landlords or Management Companies in Plumstead levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Plumstead. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Organising a replacement share certificate can be a time consuming formality and slows down many a Plumstead conveyancing transaction. Where a reissued share certificate is needed, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity. A minority of Plumstead leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 buyers or their solicitors.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Plumstead conveyancing firm to act on my behalf?
You certainly can. We are happy to put you in touch with a Plumstead conveyancing firm who can help.
An example of a Lease Extension decision for a Plumstead property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.
We are midway through purchasing a house in Plumstead. Conveyancing solicitor has told us the title is "Leasehold". Should this adversely affect the salability of the house?
Plumstead conveyancing does not ordinarily involve leasehold houses. The main factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's essentially freehold, so it shouldn't impact the marketability significantly.
On the flip side, if it's, say, Sixty years it will have a material impact on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease provided to your solicitor.