What is the ideal way of identifying a commercial conveyancing in Smithfield?
Option 1 is to ask relatives who they would recommend.
Second, search the internet for conveyancing in Smithfield. Telephone a couple or more firms from the list and ask them to forward you their conveyancing estimate and discuss your needs with the solicitor who will conduct your conveyancing in advance ofmaking your decision.
Option 3 is to make use of this site to assist you in finding the right solicitors for you based on your individual expectations including area of the property,deadlines, complexity and who your intended mortgage company is. Don't take the bait of low cost conveyancing in Smithfield
My partner and I have lately bought a house in Smithfield. We have noticed several issues with the property which we consider were omitted in the conveyancing searches. Do we have any recourse? Can you clarify the type of searches that needed to have been conducted for conveyancing in Smithfield?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Smithfield. Conveyancing searches and investigations undertaken as part of the buying process are carried out to help avoid problems. As part of the process, a property owner completes a form called a SPIF. If the information turns out to be incorrect, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Smithfield.
We are close to exchanging contracts on the sale of our house in Smithfield and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using an online conveyancing outfit as opposed to a conveyancing solicitor in Smithfield. Having lived in Smithfield for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing firm already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Just had an offer accepted on a new build flat in Smithfield. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Smithfield
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My wife and I purchased a leasehold house in Smithfield. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Smithfield who previously acted has now retired. What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Smithfield conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a ground floor flat in Smithfield, conveyancing having been completed in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Smithfield with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease ends on 21st October 2080
With just 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 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 detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
We own a leasehold flat in Smithfield. Conveyancing was finished in 2011. I have read on a number of advice forums that I should not let the the remaining lease term to fall too short. What is the reasoning?
Smithfield leasehold properties are for a set term - usually ninety nine years when they started. However a significant flats in Smithfield were constructed or converted in the 60’s and so these leases now have under eighty years unexpired. That may seem like plenty of time however Banks, Building Societies and other mortgage institutions generally need leases to have at least 75 years unexpired to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To increase the saleability of your property you should be considering whether or not to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease hits 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to increase.