In the event thatI was to purchase a freehold homein Knightsbridge for cash and have no survey and no conveyancing searches how much should I expect to to save on my conveyancing in Knightsbridge?
Any savings you would make will be limited to the Knightsbridge conveyancing searches. The property lawyer is obliged to do the vast majority of work - money laundering, liaising with the sellers property lawyer, stamp duty submission, register the title etc. A marginal saving might be made by not needing to register a charge but it will not be a lot.
It is is a decade since I bought my property in Knightsbridge. Conveyancing solicitors have recently been instructed on the sale but I am unable to track down my deeds. Will this cause complications?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by your mortgage company or they could stored with the lawyers who oversaw your purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Knightsbridge relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
Should our solicitor be raising questions concerning flooding during the conveyancing in Knightsbridge.
Flooding is a growing risk for solicitors dealing with homes in Knightsbridge. Plenty of people will acquire a property in Knightsbridge, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a number of searches that may be initiated by the purchaser or by their conveyancers which should figure out the risks in Knightsbridge. The standard property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to determine if the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the seller, then a purchaser may bring a compensation claim as a result of such an misleading response. A buyer’s solicitors will also order an enviro report. This should higlight if there is any known flood risk. If so, additional inquiries should be made.
I am looking for a flat up to £305k and identified one close by in Knightsbridge I like with amenity areas and station nearby, however it's only got 61 remaining years left on the lease. There is not much else in Knightsbridge suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am thinking of appointing a conveyancing lawyer in Knightsbridge for my home move. Is there any facility to review a solicitor's record with the legal regulator?
You can search for documented Solicitor Regulator Association (SRA) determinations arising from investigations from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training requirements.
I am a negotiator for a busy estate agency in Knightsbridge where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Knightsbridge conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 own a ground floor flat in Knightsbridge. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
in cases where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Lease Extension decision for a Knightsbridge property is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case was in relation to 1 flat. The unexpired term was 13.33 years.