We are about to exchange contracts for a garden flat in Victoria Park. We have hit a stumbling block. Our loan offer with Alliance & Leicester expires on 20/11/2020 but the sellers are suggesting a completion date of 24/11/2020. Is it possible to prolong the mortgage offer?
The best person to address this question is your lawyer who is in a position to calculate whether he or she is corresponding with the mortgage company, owner’s representatives, selling agents or possibly all three given what has happend in your house move to date.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Victoria Park is the location of the property. Is there any advice you can impart?
Flying freeholds in Victoria Park are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Victoria Park you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Victoria Park may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Should I be suspicious by 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Victoria Park conveyancing company?
As is the case with many service providers, often referrals from relatives can be extremely useful or valuable. But there are numerous players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward conveyancers to appoint. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are free to appoint your own conveyancer. Don't forget that some banks specify a panel list of law firms you must use for the mortgage related work in your conveyancing.
I am a negotiator for a busy estate agency in Victoria Park where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Victoria Park conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a leasehold flat in Victoria Park, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Victoria Park with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2089
You have 69 years left to run the likely cost is going to be between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
The financial adviser has suggested using their lawyer for the conveyancing in Victoria Park - Surely it’s advisable to just instruct them?
It is not always the case and you are at liberty to opt for whichever conveyancer you decide for your Victoria Park home move. A conveyancing practitioner put forward by an estate agent may not necessarily be the right property lawyer, they may put forward their preferred conveyancing firm who are based remotely. In this instance you may not have contact with your conveyancing practitioner and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.