I have given 8 weeks notice to my current landlord and must be out of my let out flat in Selhurst by 3/4/2019. Conveyancing for my house purchase has just started. How realistic is it to complete in a couple of weeks as don't want to have to move into short term accommodation?
The normal practice is not to provide notice on a rental unless your lawyer suggests that you should. If you have not already done so, contact to your solicitor and request that they cajole the other lawyers, try to an agreed time frame that all parties will look to achieve
I am purchasing a terraced house in Selhurst. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Selhurst you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Selhurst.
Me and my brother have a semi-detached Victorian property in Selhurst. Conveyancing lawyer acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the exact same property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Selhurst and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
How does conveyancing in Selhurst differ for new build properties?
Most buyers of new build residence in Selhurst approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because developers in Selhurst tend to buy 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 conveyancers 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 Selhurst or who has acted in the same development.
I am tempted by the attractive purchase price for a two maisonettes in Selhurst which have about 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Selhurst is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive 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 property 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 Selhurst 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
After months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Selhurst. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price payable.
An example of a Lease Extension decision for a Selhurst residence 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 affected 1 flat. The number of years remaining on the existing lease(s) was 26.38 years.