As someone not used to the Chinatown conveyancing process what is your top tip you can impart concerning the ownership transfer in Chinatown
Not many law firms or advisers will tell you this but conveyancing in Chinatown and elsewhere in London is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for conflict between you and other parties involved in the ownership transfer. For instance, the seller, estate agent and sometimes the lender. Appointing a law firm for your conveyancing in Chinatown should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the transaction whose responsibility is to act in your best interests and to protect you.
We are witnessing a definite emergence in the "blame" culture- someone has to be blamed for the process being so protracted. You should always trust your solicitor ahead of all other parties when it comes to the legal transfer of property.
Will my lawyer be asking questions about flooding during the conveyancing in Chinatown.
Flooding is a growing risk for conveyancers conducting conveyancing in Chinatown. There are those who acquire a property in Chinatown, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a numerous searches that can be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Chinatown. The standard completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to find out whether the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the seller, then a buyer may commence a legal claim for losses as a result of such an inaccurate response. The purchaser’s conveyancers should also conduct an enviro report. This will reveal if there is any known flood risk. If so, further inquiries should be carried out.
How does conveyancing in Chinatown differ for newly converted properties?
Most buyers of new build property in Chinatown approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Chinatown usually 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 conveyancers 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 Chinatown or who has acted in the same development.
Am I better off to go with a Chinatown conveyancing solicitor who is local to the property I am buying? We have a good friend who can deal with the conveyancing but they are based 200kilometers drive away.
The primary upside of using a local Chinatown conveyancing firm is that you can drop in to execute paperwork, present your identification documents and apply pressure on them if necessary. Having local Chinatown know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and they were content that must surpass using an unknown Chinatown conveyancing lawyer just because they are based in the area.
Back In 2008, I bought a leasehold flat in Chinatown. Conveyancing and Bank of Ireland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Chinatown who previously acted has long since retired. Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Chinatown conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I have given up negotiating a lease extension in Chinatown. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or where 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 arrive at the price payable.
An example of a Freehold Enfranchisement decision for a Chinatown premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The unexpired lease term was 73.92 years.
I am about to complete on the purchase a house in Chinatown but as a consequence of damage from the recent storms I have agreed compensation from the seller of £3k by way of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process but the lender will not permit this. Why were they involved?
The conveyancing practitioner that is on the bank conveyancing panel is required to advise the bank of any variations to the purchase figure. In the event that you prohibit your conveyancer to disclose the price change to your lender then they would have to discontinue representing you and the mortgage company.
