The Alexandra Park conveyancing solicitors that I recently instructed on my house acquisition in Alexandra Park have suddenly shut down. They were on acting for me because I had to have a firm on the Santander conveyancing panel and my preferred Alexandra Park lawyer was not. I paid them funds on account. What are my options?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
How does conveyancing in Alexandra Park differ for newly converted properties?
Most buyers of new build residence in Alexandra Park come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Alexandra Park 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 used to new build conveyancing in Alexandra Park or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one round the corner in Alexandra Park I like with open areas and railway links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Alexandra Park suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I was recommended by a couple of local property agents in Alexandra Park to find a conveyancer on your site. Is there a financial inducement for Estate Agents to offer your lawyers over and above a competitor’s?
We don’t give any referral fee for sending work in our direction. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am a negotiator for a long established estate agency in Alexandra Park where we see a few leasehold sales jeopardised due to short leases. I have received contradictory information from local Alexandra Park conveyancing firms. Please can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
I inherited a first floor flat in Alexandra Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.
An example of a Lease Extension decision for a Alexandra Park flat is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case was in relation to 1 flat. The unexpired lease term was 65.21 years.
Living abroad I am unable to be present at my Alexandra Park conveyancing solicitors office to execute documents for conveyancing in Alexandra Park – is this a problem?
You need not be concerned. Alexandra Park conveyancing lawyers can conduct home moves for clients who are based anywhere. It is not necessary for you to be able to visit a Alexandra Park conveyancers office. They can undertake everything via phone, post and email - whatever works for you.