My wife and I are purchasing a newly constructed duplex in Shortlands and my lawyer is telling me that she is duty bound to the lender to reveal incentives from the developer. The Estate Agents are hassling me to exchange and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When will exchange of contracts occur in purchase conveyancing in Shortlands and am I required to be at the conveyancers office?
If you are in close proximity to one of the conveyancing solicitors in Shortlands you are welcome to come in to sign the paperwork. However, the firms we recommend offer countrywide coverage for conveyancing and give just as detailed and professional a job for you when communicating with you by post or email. The executing of the contract is not the critical part. Signing on the dotted line is necessary for the firm to address the formalities at the suitable time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Shortlands)to be in the office at the appropriate time.
How does conveyancing in Shortlands differ for new build properties?
Most buyers of new build property in Shortlands approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Shortlands usually acquire the real estate, 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 used to new build conveyancing in Shortlands or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Shortlands and how can your lawyers assist?
The 1954 Act provides protection to commercial tenants, giving them the dueness to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act for protection and handle your commercial conveyancing in Shortlands
I am employed by a reputable estate agency in Shortlands where we have witnessed a number of flat sales derailed as a result of short leases. I have received contradictory information from local Shortlands conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Shortlands conveyancing firm to assist?
Where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Shortlands residence is Ravensbourne Lodge 4 Highland Road in February 2013. the Tribunal held that the amount payable for the freehold was £22,268
What is the reason for my property lawyer requiring various items of ID ahead of starting selling or purchasing a property in Shortlands?
Shortlands conveyancing practitioners are obliged by the Law Society, SRA, HMLR and current AML legislation to record that the have verified the identity of their clients. It is also sometimes a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, national insurance number and DOB.