In the event thatI were to acquire a straightforward propertyin Shepherd's Bush for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Shepherd's Bush?
Any savings you would gain will be limited to the costs for searches. Your property lawyer still got to do everything else - money laundering, correspond with your sellers solicitor, SDLT return, register the title etc. A marginal saving might be made by not needing to register a charge but it will not be a lot.
I'm purchasing a new build house in Shepherd's Bush with a mortgage from Platform Home Loans Ltd. The developers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not inform my solicitor about this deal as it will adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
My partner has urged me to appoint his conveyancers in Shepherd's Bush. Should I use them?
There are no two ways about it the best way to find a conveyancing lawyer is to get referrals from friends or family who have actually used the firm you're contemplating using.
I've recently bought a leasehold property in Shepherd's Bush. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Shepherd's Bush. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to arrive at the amount due.
An example of a Freehold Enfranchisement case for a Shepherd's Bush residence is 82 Minford Gardens in February 2009. The Tribunal determined that the enfranchisement price was £37,341 This case affected 2 flats. The unexpired residue of the current lease was 72.92 years.
We own a leasehold flat in Shepherd's Bush. Conveyancing was finalised in 2011. I have been told that I mustn’t let the the remaining lease term to get too short. Is this right?
Shepherd's Bush leasehold properties are for a set period - usually ninety nine years when they commenced. However many flats in Shepherd's Bush were built or converted in the 70’s80’s and so these leases now have under 80 years left to run. This may sound like plenty of time however Banks, Building Societies and other mortgage companies on the whole need leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing seventy five years. To maximise the marketability of your property you should be thinking about whether or not to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease hits 80 years as when the lease is less than eighty years the amount to be paid to extend starts to get a lot more expensive.