I am buying a property for cash in Clerkenwell. I have lived for the previous 15 years in Clerkenwell. Conveyancing searches are expensive. As I have knowledge of the road and vicinity intimately must I have all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Clerkenwell conveyancing searches are at your discretion. Your conveyancer will 'advise', perhaps strongly, that you should have searches done, but he is duty bound to do this. One thing to consider; if you are intend to sell the house in the future, it could be of relevance to your prospective buyer what the searches reveal. On occasion properties with apparent issues can still show up unpredicted search results. A good conveyancing solicitor in Clerkenwell should provide you some helpful advice concerning this.
I have Fifty Six years left on my lease and require a lease extension for my apartment in Clerkenwell. Conveyancing solicitors on the Tesco Bank panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 28/3/2023 the requirements read as follows :
I'm purchasing my first flat in Clerkenwell benefiting from help to buy. The sellers would not budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my lawyer about this extras as it would adversely affect my loan with Barclays Direct. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
As co-executor for the will of my uncle I am disposing of a property in Monmouth but reside in Clerkenwell. My solicitor (based 235 kilometers awayneeds me to execute a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing practitioner in Clerkenwell to witness this legal document for me?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are based in Clerkenwell
I am tempted by the attractive purchase price for a two flats in Clerkenwell both have about forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Clerkenwell is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Clerkenwell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Clerkenwell conveyancing firm to represent me?
Most certainly. We can put you in touch with a Clerkenwell conveyancing firm who can help.
An example of a Lease Extension decision for a Clerkenwell residence 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 related to 1 flat. The unexpired residue of the current lease was 66.8 years.
We have chosen a Clerkenwell conveyancing solicitor for our house purchase (FTB’s) and have picked up in the engagement letter that they are not governed by the FCA. Should I be concerned or is that standard with solicitor?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are governed by the Solicitors Regulation Authority, who dictate stringent obligations in place on monies deposited in their bank.