The vendors of the house we are looking to purchase are using a conveyancing firm in Chalk Farm who has insisted on a lock out agreement with a down payment two thousand pounds. Are such agreements sensible?
This kind of preliminary agreement isn't common in Chalk Farm, conveyancers are often found to veer clients away from them as they detract from focusing on the main conveyancing focus and if you end up losing your deposit then the solicitor is left exposed. Secondly, there is no assurance that just because the proprietor has executed an exclusivity contract they will complete the sale with you. They may be inclined to break the contract if they are offered a big enough financial inducement to do so because a wronged claimant with the benefit of a exclusivity agreement will still be obliged establish consequential losses from the breach and these may not amount to the extra amount that the owner may obtain by breaking the contract, no matter how morally shameful that may be.
When reviewing online forums for an affordable lawyer in Chalk Farm, many post that I must instruct a CQS kitemarked solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in buying or selling property, trusted by some of the UK's leading lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). CQS is not a scheme offered by the Society for Licensed Conveyancers. Chalk Farm is one of the many areas of the UK where there are CQS solicitors.
The estate agent has sent us the confirmation of our purchase of a new build flat in Chalk Farm. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Chalk Farm
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan.
Due to the encouragement of my in-laws I had a survey completed on a property in Chalk Farm ahead of instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend not grant a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Chalk Farm. Conveyancing will be smoother if you use a solicitor in Chalk Farm especially if they are accustomed to such properties in Chalk Farm.
I am a fortnight into a freehold purchase having been referred to a firm by the local agent to do our conveyancing in Chalk Farm. I am am starting to be dissatisfied with the quality of service. Can you you assist me in finding new conveyancers?
They would have to be very bad in order to consider changing them. Has the mortgage offer been generated? In the event that it has you will need to inform them of the new contact details and ensure the offer are re-sent. The solicitor ideally should be on the banks panel to avoid added costs and frustration. That should be your first question of the new lawyers. The find a solicitor tool will help you find a lender approved solicitor for your home move in Chalk Farm
I work for a long established estate agent office in Chalk Farm where we have experienced a few flat sales put at risk due to short leases. I have received inconsistent advice from local Chalk Farm conveyancing solicitors. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
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 buyer.
I am the proprietor of a two-bedroom flat in Chalk Farm. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Where there is a absentee landlord 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 Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Lease Extension decision for a Chalk Farm flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The remaining number of years on the lease was 64.77 years.