I opted for a local solicitor for our conveyancing in St Pancras last week. Upon checking the Terms and Conditions I seeI am responsible for charges even if our purchase aborts. Would I be best advised to select an on-line conveyancing brokerage promoting no move no charge conveyancing in St Pancras?
It is usually a trade off in that if "No Sale No Fee" is advertised then the conveyancing charges will tend to be be higher to neutralise the conveyances that do not go ahead. Also remember that these schemes tend not to protect you from expenditure such as St Pancras conveyancing search expenses.
The owners of the house we are hoping to buy have instructed a conveyancing solicitor in St Pancras who has insisted on a preliminary contract with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
This type of contract isn't common in St Pancras, conveyancers are often inclined to direct clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Secondly, there is no certainty that just because the owner has signed a lock out contract they will sell to you. They may be motivated to break the contract if they receive sufficient financial inducement to do so because a wronged party with the benefit of a lockoutcontract will still be obliged establish consequential losses from the breach and this may not equalise the extra amount that your vendor may gain by breaching the agreement, however morally shameful that may be.
I need some quick conveyancing in St Pancras as I am under an ultimatum to exchange contracts inside 2 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you are at liberty not to do searches although no conveyancer would recommend that you don't. With lots of history conveyancing in St Pancras the following are instances of what can crop up and therefore impact the marketability of the property: Enforcement Actions, Overdue Charges, Overdue Grants, Railway Schemes,...
The estate agent has sent us the confirmation of our purchase of a new build apartment in St Pancras. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in St Pancras
-
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants.
I am employed by a long established estate agency in St Pancras where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local St Pancras conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 purchaser.
My wife and I have hit a brick wall in trying to purchase the freehold in St Pancras. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a St Pancras conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St Pancras residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired term was 66.8 years.
My wife and I have instructed a St Pancras conveyancing solicitor for our house purchase (novice purchasers) and have spotted in the engagement letter that they are not regulated by the FCA. Should I be worried or is that standard with conveyancer?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are regulated by the Solicitors Regulation Authority, who set stringent laws in place on monies sitting on client account.