My friend recommended that where I am purchasing in West Acton I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your West Acton conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about West Acton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the West Acton Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about West Acton.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. West Acton is where the house is located. Can you shed any light on this issue?
Flying freeholds in West Acton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West Acton you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Acton may determine 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.
I was advised by a few selling agents in West Acton to locate a solicitor on your site. What’s the financial inducement for Estate Agents to offer your services over and above another?
We don’t make any commission for sending work in our direction. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Do you have any top tips for leasehold conveyancing in West Acton from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in West Acton can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and slows down many a West Acton home move. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later. A minority of West Acton leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in West Acton state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. If you dont have the consents to hand you should not communicate with the landlord without contacting your lawyer first.
I purchased a 2 bed flat in West Acton, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in West Acton with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2069
With only 51 years remaining on your lease we estimate the premium for your lease extension to be between £30,400 and £35,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
My brother-in-law has suggested I instruct a conveyancing solicitor in West Acton. I need to find out if they are on the bank's conveyancing panel. Can you advise?
One option is to call your conveyancer to enquire if they are on the lender's panel. Alternatively please call us and we can investigate and revert. If they are not on the bank panel we we can help find a reputable conveyancing solicitor in West Acton on the approved list for your mortgage company.