My relative recommended that where I am purchasing in Totteridge I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Totteridge conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Totteridge 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 type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Totteridge Education with maps and statistics, Local Amenities and other useful data concerning Totteridge.
How does conveyancing in Totteridge differ for newly converted properties?
Most buyers of new build residence in Totteridge contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because developers in Totteridge tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Totteridge or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Totteridge in advance of appointing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend not grant a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Totteridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Totteridge to see if the conveyancing costs will increase in light of this.
I have been pointed in your direction by a number of selling agents in Totteridge to choose a solicitor using your seach tool. Is there a financial inducement for Estate Agents to recommend your services rather than a competitor’s?
We don’t offer any referral fee for pointing buyers and sellers to this site. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am employed by a reputable estate agency in Totteridge where we have witnessed a number of flat sales put at risk as a result of short leases. I have received conflicting advice from local Totteridge conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
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 am the proprietor of a ground flat in Totteridge. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Most certainly. We can put you in touch with a Totteridge conveyancing firm who can help.
An example of a Lease Extension case for a Totteridge flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The remaining number of years on the lease was 76 years.