My Solicitor in Selhurst is not listed on the Accord Mortgages Ltd Solicitor Panel. Can I still retain my prefered solicitor notwithstanding that they are not on the Accord Mortgages Ltd approved list?
The limited options open to you here include:
- Complete the purchase with your existing Selhurst solicitors but Accord Mortgages Ltd will need to retain a conveyancer on their panel. This will inevitably rack up the total conveyancing charges and result in delays.
- Get an alternative lawyer to act in the purchase, not forgetting to check they are Accord Mortgages Ltd approved.
- Try to convince your Accord Mortgages Ltd based solicitor to seek to join the Accord Mortgages Ltd panel
It has been three months since my purchase conveyancing in Selhurst completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Selhurst with a loan from Santander. The sellers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not inform my solicitor about the side-deal as it would affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 husband and I are FTB’s - agreed a price, but the agent advised that the owners will only move forward if we use their chosen lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local solicitor accustomed to conveyancing in Selhurst
It is highly unlikely the owners are behind this. Should the owner desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is is going to put the whole deal at risk. Contact the sellers directly and make the point that (a)you are genuine purchasers (b)you are excited to move forward, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you are going to use your preferred Selhurst conveyancing lawyers - not the ones that will give their estate agent a referral fee or meet his conveyancing targets pre-set by head office.
I am looking at a two flats in Selhurst which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Selhurst is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. 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 a property 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 Selhurst conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 am the proprietor of a first flat in Selhurst. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Absolutely. We can put you in touch with a Selhurst conveyancing firm who can help.
An example of a Lease Extension decision for a Selhurst flat is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The unexpired term as at the valuation date was 26.38 years.