I have given 2 months notice to my existing landlord and have to vacate my rented flat in Oxton by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in a couple of weeks as don't want to have to move into temporary accommodation?
The normal practice is not to serve notice on a rental unless your lawyer suggests that you should. Assuming that you have not already done so, notify to your conveyancer and request that they apply pressure on the owners side, try to get a realistic time scale from them that all parties will look to achieve
We note that you have a post code search directory identifying firms on the Yorkshire BS conveyancing panel. Do companies pay you a commission if I retain them for our own conveyancing in Oxton?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Oxton.
The Oxton conveyancing solicitors that I appointed last week on my house acquisition in Oxton have suddenly closed. They were on acting for me because I had to have a lawyer on the Yorkshire BS conveyancing panel and my preferred Oxton lawyer was not. I wrote them a cheque for two hundred pounds in advance. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Yorkshire BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
I moved into my flat on 13 September and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Oxton advises it should be dealt with inside ten days. Are titles in Oxton particularly slow to register?
As far as conveyancing in Oxton is concerned, registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can vary according to the party submitting the application, whether there are errors and if the Land registry must send notices to any interested persons or bodies. As of today roughly 80% of submission are fully dealt with within 12 days but some can be subject to longer hold-ups. Registration takes place once the buyer is living at the premises therefore post completion formalities is not typically an essential issue yet if there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
Given that I will soon part with hundreds of thousands of pounds on 3 bedroom house in Oxton I would like to talk to a lawyer concerning theconveyancing prior to giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - we would be delighted to talk to you we do not take any clients on without you speaking to the conveyancer due to be conducting your property ownership legalities in Oxton.There is no ‘factory style conveyancing’ - each client is unique person, not a file reference. The solicitors that we put you in touch with believe that the figure you are provided with for your conveyancing in Oxton should be the figure that you end up paying.
I am attracted to a couple of flats in Oxton which have about 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Oxton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. 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 Oxton 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 invested in buying a ground floor flat in Oxton, conveyancing was carried out March 1996. How much will my lease extension cost? Comparable flats in Oxton with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease expires on 21st October 2084
With only 59 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.