I have just been advised by my mortgage broker that my Upney lawyer is not on the lender Solicitor panel. How can I check?
The first thing you need to do is to call your Upney lawyer directly. You lawyer should inform you what has happened. Where they are not on the panel they may be able to suggest a Upney conveyancing firm that is on the conveyancing panel for your mortgage company.
Can I use your services to recommend a Conveyancing solicitor in Upney even where I’m not purchasing or selling a house, for instance where I intend to buy an office in Upney with a mortgage from Yorkshire Building Society?
The service is predominantly used to help choose domestic conveyancing solicitors in Upney but we have set out at the bottom of this page some Upney commercial conveyancing firms. You will need to enquire with the firm directly to check if they can also act for Yorkshire Building Society
Just bought a detached house in Upney , What is the estimated time for the Land Registry to record the transfer to my name? My Upney conveyancing solicitor has been painfully slow, so I want to be sure the registration is dealt with.
There is nothing unique when it comes to conveyancing in Upney registration formalities. As opposed to being determined by geographic area, timescales can adjust according to who lodges the application, whether it is in order and whether the Land registry communicate with any third parties. Currently in the region of 80% of such applications are fully dealt with within 12 days but some can be subject to protracted hold-ups. Historically registration occurs after the new owner is living at the premises so an expedited registration is not typically primary concern yet if it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
I am tempted by the attractive purchase price for a two apartments in Upney both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Upney is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of 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 premises 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 Upney 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 the agreed 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 inherited a ground-floor 1950’s flat in Upney. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to make a decision on the sum to be paid.
An example of a Lease Extension decision for a Upney residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired lease term was 61.36 years.
20 days into purchasing a residence in Upney. Conveyancing solicitor has called to say the title is "Leasehold". Should this adversely affect our Santander valuation?
Upney conveyancing does not in most situations involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the value too much.
On the flip side, if it's, say, 50 years it is bound to have a material impact on the saleability, and most likely wouldn't be acceptable to the lender. The remaining lease term and ground rent will be set out in the lease to be supplied to your solicitor.