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  #61  
Old 24-04-2015, 04:05 PM
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Originally Posted by WorthingEagle View Post
I found that solicitors seem to communicate solely through 2nd class post and, at a push, fax. I understand the need for a hard copy (although surely an e-mail would suffice nowadays), but why can't they send a quick e-mail, pick up the phone or better yet, hold a meeting (the two solicitors involved in our move were in the same street yet still communicated by post) and thrash things out? Then confirm everything in writing after that.

It seems such an inefficient system, and there's no need for it particularly when a lot of conveyancing is done for a fixed fee nowadays. Then they get arsey when you phone and ask if anything's happened on the letter they sent three weeks ago that they haven't bothered chasing.
Really? Today I sent two letters and (at last count) 32 emails. I think I have taken/made about 10 telephone calls and seen one client who dropped in on the off chance I was available. both letters contained documents where a hard copy has to be signed and sent back and were sent to people where I was unable to email the document so they could print it out and send it back.
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  #62  
Old 24-04-2015, 04:34 PM
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I've read Mortgage Lenders are wary on lending where the owners have a share of the freehold due to potential major works. Anyone have experience of this? I suppose as long as there is a decent provisions/reserves fund it wouldn't be too much of an issue.
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  #63  
Old 24-04-2015, 04:39 PM
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Originally Posted by EagleSE24 View Post
Always find it amazing that you'll spend 15 minutes looking round somewhere before handing over hundreds of thousands of pounds for it. You spend longer trying on a suit.
Indeed. The house I bought on Whitehorse Lane was a case in point. The owners were a bit put out when I wanted to go back for a second look with a friend for a second opinion.
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  #64  
Old 24-04-2015, 04:45 PM
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I've read Mortgage Lenders are wary on lending where the owners have a share of the freehold due to potential major works. Anyone have experience of this? I suppose as long as there is a decent provisions/reserves fund it wouldn't be too much of an issue.
I think that is a bit of a myth. If you do not have a share in the freehold then you will still end up paying for any major works and will have no control at all over how and when it is done and the contractors used. Mortgage lenders will not lend on freehold flats full stop though. What is generally meant by shared freehold is either

1. There is a lease and all the freeholders have a share in the company that owns the freehold. This is normally where there are several flats generally 4+

2. There is a lease and the freehold is owned by individuals who also have a lease of part of the building - generally where it is a conversion property with 2-4 flats. These can be rather more tricky as people fall out, refuse to sign documents, disappear abroad, die etc and it can then be difficult to transfer the freehold part although it is still easy to transfer the Lease.

The advantage of both is that the lease can be extended without costs (most are extended to 200 plus years) and as a leaseholder you have a direct input into what works are done and what is paid out for them (stopping the work being done at inflated cost by the Freeholders building company eg)
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  #65  
Old 24-04-2015, 04:46 PM
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Originally Posted by sw16girl View Post
Really? Today I sent two letters and (at last count) 32 emails. I think I have taken/made about 10 telephone calls and seen one client who dropped in on the off chance I was available. both letters contained documents where a hard copy has to be signed and sent back and were sent to people where I was unable to email the document so they could print it out and send it back.
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  #66  
Old 24-04-2015, 04:46 PM
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Originally Posted by Poosence View Post
In Clapham they're called 'Urban Studios' and cost you 800k.
I read an article on something like this the other day. It was dressed up like a marketing exercise. It was talking up the benefit of living in new/age tiny accommodation in the funky centre of cities - this one might have been Toronto. Single, young person, tired of the commute, not many possessions, fancy a bohemian lifestyle, how about sacrificing space. A new build (like a blooming container) residence of less than 30 squared metres. Nice idea I thought, they wanted more than $200,000 for them. Schysters. Seems people have to pay top money to live like battery hens now.
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  #67  
Old 24-04-2015, 04:46 PM
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Never bought a house myself but my mum had a lot of trouble trying to buy from a mortgage firm. The house in question was a repossession and my mum and 2 other people had all submitted bids so the mortgage company asked everyone to submit a best and final by a certain date which my mum and one of the other 2 did. My mum was then informed she had got the property and the mortgage company then pressured her to try and complete the process quickly, so she went ahead with solicitors, surveys etc (costing her over a grand.)

On the day that contracts were supposed to be exchanged (about 3 weeks later,) my mum was driving from London down to Somerset (where the house was,) to exchange when she got a phone call informing her that the 3rd couple (the ones who had not submitted a best and final on the day set by the mortgage company,) had, 3 weeks after the best and final date had passed, submitted an offer that was 500 higher than my mum's and they asked my mum to match their offer. Out of principle - my mum had submitted her offer by the deadline specified by the mortgage company - my mum refused. The mortgage company then told her they were going with the other couple despite the fact my mum was ready to exchange and had put a lot of money in already.

My mum was, as you can expect, furious! However, karma was achieved!!! About a month later when my mum was quite a way down the line of exchanging on a better, cheaper property that had just come on the market, she got a call informing her that the couple who had made the late bid couldn't actually afford the property and if my mum was still interested she could have it for her final offer. My mum gladly informed them that they could go f*ck themselves. The market then slowed and the property eventually sold about 6 months later for 15k less than my mum offered so the mortgage company, for the sake of and extra 500, cost themselves 15k.


We had pretty much the same. Managed to buy a better and cheaper property. The repossession flat still hasn't sold. It had a notice on the advert that they had an offer 5k higher than we offered but that must have fallen through as they are now advising that the offer they are in receipt of is only 1k higher than ours.

They lost a guaranteed sale with us over four months ago for the sake of a grand! Wankers
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  #68  
Old 24-04-2015, 04:48 PM
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Originally Posted by sw16girl View Post
I think that is a bit of a myth. If you do not have a share in the freehold then you will still end up paying for any major works and will have no control at all over how and when it is done and the contractors used. Mortgage lenders will not lend on freehold flats full stop though. What is generally meant by shared freehold is either

1. There is a lease and all the freeholders have a share in the company that owns the freehold. This is normally where there are several flats generally 4+

2. There is a lease and the freehold is owned by individuals who also have a lease of part of the building - generally where it is a conversion property with 2-4 flats. These can be rather more tricky as people fall out, refuse to sign documents, disappear abroad, die etc and it can then be difficult to transfer the freehold part although it is still easy to transfer the Lease.

The advantage of both is that the lease can be extended without costs (most are extended to 200 plus years) and as a leaseholder you have a direct input into what works are done and what is paid out for them (stopping the work being done at inflated cost by the Freeholders building company eg)
Not to be "that guy" but I have 2 lenders that will lend on Freehold flats, admittedly with a fair few caveats but it is doable.
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  #69  
Old 24-04-2015, 04:51 PM
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I read an article on something like this the other day. It was dressed up like a marketing exercise. It was talking up the benefit of living in new/age tiny accommodation in the funky centre of cities - this one might have been Toronto. Single, young person, tired of the commute, not many possessions, fancy a bohemian lifestyle, how about sacrificing space. A new build (like a blooming container) residence of less than 30 squared metres. Nice idea I thought, they wanted more than $200,000 for them. Schysters. Seems people have to pay top money to live like battery hens now.
Belgravia can now achieve 3500 per square foot. The same sized property there could feasibly cost you north of 1,000,000.
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  #70  
Old 24-04-2015, 04:55 PM
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Not to be "that guy" but I have 2 lenders that will lend on Freehold flats, admittedly with a fair few caveats but it is doable.
Really? - They can't be CML are they? And what are the caveats? I have to say I would never advise anyone to buy a freehold flat so am amazed anyone will lend on them.
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  #71  
Old 24-04-2015, 05:03 PM
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Really? - They can't be CML are they? And what are the caveats? I have to say I would never advise anyone to buy a freehold flat so am amazed anyone will lend on them.
Always a bloody nightmare. To be perfectly honest I let our mortgage brokers deal with it but tend to be pretty small specialist lenders, tempted to say Clydesdale but wouldn't put my name to it.

The caveats are normally to do with service charge fees, proof they've been paid, insurance against these, comprehensive building insurance.... the list is endless.

Sold one earlier this year. A lengthy and tricky process, the buyers solicitor was pretty good though so it got there in the end.
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  #72  
Old 30-04-2015, 01:58 PM
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I need a solicitor. Buying a house in Morden - Can anyone recommend a suitable one?

SW16 are you interested ?
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Old 30-04-2015, 02:12 PM
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I need a solicitor. Buying a house in Morden - Can anyone recommend a suitable one?

SW16 are you interested ?
Mates rates?
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Old 30-04-2015, 02:54 PM
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Mates rates?
No not all - Just want someone who is not useless and does a fair job.
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Old 30-04-2015, 02:56 PM
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No not all - Just want someone who is not useless and does a fair job.
I would recommend Lesley even if you can find cheaper elsewhere. Trust is priceless.

In related matters, can anyone recommend a removal company?
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  #76  
Old 30-04-2015, 02:58 PM
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I would recommend Lesley even if you can find cheaper elsewhere. Trust is priceless.
Seconded.
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  #77  
Old 30-04-2015, 03:06 PM
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Really? Today I sent two letters and (at last count) 32 emails. I think I have taken/made about 10 telephone calls and seen one client who dropped in on the off chance I was available. both letters contained documents where a hard copy has to be signed and sent back and were sent to people where I was unable to email the document so they could print it out and send it back.
Seems like solicitors down here are stuck in the past, then. 21 weeks for a three property chain in which all parties bar the solicitors were keen to move ASAP and therefore highly co-operative.
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Old 30-04-2015, 03:15 PM
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I would recommend Lesley even if you can find cheaper elsewhere. Trust is priceless.

In related matters, can anyone recommend a removal company?
thanks.
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Old 30-04-2015, 03:27 PM
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I would recommend Lesley even if you can find cheaper elsewhere. Trust is priceless.
I've never used her, but I agree.
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Old 30-04-2015, 06:33 PM
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