My nephew is in the process of securing a new build apartment in Hackney with a mortgage from Lloyds. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I own a freehold premises in Hackney but still pay rent, why is this and what is this?
It’s unusual for properties in Hackney and has limited impact for conveyancing in Hackney but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I have been pointed in your direction by numerous estate agents in Hackney to find a property lawyer using your seach tool. What’s the financial upside for Estate Agents to promote your site ahead of another?
We don’t offer any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My husband and I are new on the property ladder - had an offer accepted, yet the agent advised that the vendor will only go ahead if we appoint their preferred solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a local conveyancer with experience of conveyancing in Hackney
We suspect that the owner is not behind this requirement. Should the owner want ‘a quick sale', taking such a hostile approach to a genuine purchaser is going to damage their objectives. Try to communicate with the owners directly and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)however you are going to appoint your own,trusted Hackney conveyancing solicitors - not the ones that will earn the estate agent a introducer fee or meet his conveyancing thresholds pre-set by HQ.
What are your top tips when it comes to choosing a Hackney conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Hackney conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with two or three firms including non Hackney conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
How many lease extensions have they conducted in Hackney in the last 12 months? How familiar is the practice with lease extension legislation?
I inherited a garden flat in Hackney. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the premium.
An example of a Freehold Enfranchisement case for a Hackney residence is 150 Amhurst Road in December 2013. The tribunal concluded that the premium to be paid by the applicant for the enfranchisement of the subject property was £43,500. This case related to 4 flats. The unexpired lease term was 90 (or thereabouts).
What do I do if I am not happy with the lawyer who handled my conveyancing in Hackney?
Occasionally the level of service you receive is not as you expect, and unfortunately every so often matters do not go as planned. Nevertheless there is recourse if you were unhappy with your conveyancing in Hackney. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their regulator. If things still aren’t sorted out you may consider enlisting the help of the Legal Ombudsman.