Our lawyer has uncovered a defect with the lease for the flat we are purchasing in Blackfriars. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the bank is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender requirements must be adhered to.
As I am unsure how the conveyancing bit works what is the most important advice you can give me regarding purchase conveyancing in Blackfriars?
You may not hear this from too many lawyers but conveyancing in Blackfriars and elsewhere in London is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of opportunity for confrontation between you and other parties involved in the transaction. For example, the vendor, selling agent and on occasion the mortgage company. Selecting a law firm for your conveyancing in Blackfriars should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the transaction whose role it is to act in your best interests and to keep you safe.
We are witnessing a worrying creep of a "blame" culture- someone must be at fault for the process taking so long. You must always trust your lawyer above the other players when it comes to the legal transfer of property.
How does conveyancing in Blackfriars differ for new build properties?
Most buyers of new build property in Blackfriars 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 developers in Blackfriars typically acquire the land, 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 Blackfriars or who has acted in the same development.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Blackfriars and how can you help?
The 1954 Act gives protection to commercial tenants, granting the right to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Blackfriars is one of our hundreds of locations in which the firms we work with are based
We're novice buyers - had an offer accepted, yet the selling agent informed us that the owners will only move forward if we use their recommended conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor used to conveyancing in Blackfriars
It is unlikely the owners are driving this. Should the owner want ‘a quick sale', alienating a genuine buyer is is going to put the whole deal at risk. Try to communicate with the sellers directly and make sure they comprehend that (a)you are motivated buyers (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)however you intend to instruct your own,trusted Blackfriars conveyancing firm - not the ones that will earn the estate agent a commission or hit his conveyancing targets demanded by head office.
Last April I purchased a leasehold house in Blackfriars. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the proprietor of a second floor flat in Blackfriars. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Most definitely. We can put you in touch with a Blackfriars conveyancing firm who can help.
An example of a Lease Extension case for a Blackfriars flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The remaining number of years on the lease was 66.8 years.