Please explain the implications if my solicitor is removed from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Aldgate?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I own a semi-detached Georgian house in Aldgate. Conveyancing solicitor represented me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Aldgate and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Aldgate differ for newly converted properties?
Most buyers of new build premises in Aldgate approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Aldgate usually buy the site, 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 property lawyers 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 accustomed to new build conveyancing in Aldgate or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Aldgate I like with open areas and station nearby, however it's only got 51 years on the lease. I can't really find anything else in Aldgate for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
My husband and I are first time buyers - agreed a price, but the property agent advised that the owners will only move forward if we instruct the agent's preferred conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a local conveyancer used to conveyancing in Aldgate
We suspect that the seller is not behind this demand. Should the seller require ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Contact the owners directly and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you are going to instruct your preferred Aldgate conveyancing lawyers - rather thanthose that will provide the estate agent a kickback or meet his conveyancing figures pre-set by HQ.
I am employed by a busy estate agency in Aldgate where we have experienced a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Aldgate conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 sale.
Alternatively, it may be possible 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 purchaser.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Aldgate conveyancing firm to assist?
Most definitely. We can put you in touch with a Aldgate conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Aldgate flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired term was 107 years.