When does exchange of contracts occur in residential conveyancing in Chalk Farm and am I required to be at the conveyancers office?
Where you are near to our conveyancing solicitors in Chalk Farm you are welcome to attend to sign contracts. However, the firms we recommend supply a countrywide conveyancing service and give just as diligent and professional a job for you when dealing with you electronically. The signing of the contract is not when everything is set in stone. A signed contract simply enables the solicitor 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 long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Chalk Farm)to be in the office available at the end of the phone to exchange contracts.
I own a terraced Edwardian house in Chalk Farm. Conveyancing lawyer acted for me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Chalk Farm 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 buyers. You can also enquire as to the position with your conveyancing solicitor who conducted the purchase.
How does conveyancing in Chalk Farm differ for new build properties?
Most buyers of new build premises in Chalk Farm approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Chalk Farm 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 accustomed to new build conveyancing in Chalk Farm or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Chalk Farm is where the house is located. Is there any guidance you can impart?
Flying freeholds in Chalk Farm are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chalk Farm you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chalk Farm may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Hoping to buy a property located in Chalk Farm and I am already nervous. I couldn't find anything specific about Chalk Farm. Conveyancing will be needed in due course but do you know about the Chalk Farm area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chalk Farm. In the meantime here are some basic statistics that we found
I've recently bought a leasehold flat in Chalk Farm. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chalk Farm. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Lease Extension decision for a Chalk Farm flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 64.77 years.