We're in Victoria Park, First time buyers buying with a mortgage (lender is Barclays , and our solicitor is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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.
A colleague advised me that if I am purchasing in Victoria Park I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Victoria Park conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Victoria Park around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Victoria Park Education with plans and statistics, Local Amenities and other useful information regarding Victoria Park.
I am looking for a leasehold apartment up to £245,000 and found one near me in Victoria Park I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Victoria Park in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
How does the Landlord & Tenant Act 1954 affect my business property in Victoria Park and how can your lawyers assist?
The 1954 Act affords protection to commercial leaseholders, giving them the dueness to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Victoria Park is one of our many areas of the UK in which the firms we work with have offices
I am due to consider quotes for conveyancing in Victoria Park from various conveyancing practitioner and choose one. Am I right to get them to hold tight until I have found somewhere to acquire.
We would recommend that you only ask your conveyancing practitioner to open a file and apply for searches once the sales memo has been sent by the selling agent especially as Victoria Park conveyancing searches are costly.