We are planning on selling our property in Chinatown and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers used a national conveyancing practice rather than a conveyancing solicitor in Chinatown. Having lived in Chinatown for 4 years we know that this is a non issue. Do we get in touch with our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You need to check with 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 ailment)
I have justbecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Chinatown for a purchase of a leasehold flat 9 months ago. How can I be sure that the property is registered correctly in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Chinatown conveyancing specialists.
How does conveyancing in Chinatown differ for new build properties?
Most buyers of new build premises in Chinatown contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Chinatown usually purchase 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 Chinatown or who has acted in the same development.
My cousin has recommend that I appoint his lawyers for conveyancing in Chinatown. Should I use them?
Much as we are happy to recommend a Chinatown conveyancing lawyer the best way to select a conveyancing solicitor is to have guidance from friends or family who have actually previously instructed the conveyancer that you are are thinking of instructing.
I am looking at a two flats in Chinatown which have in the region of fifty years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Chinatown is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chinatown conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a garden flat in Chinatown. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
in cases where 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 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement case for a Chinatown flat is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The unexpired residue of the current lease was 73.92 years.
How do I discover who owns a property in Chinatown?
Provided the premises is registered with HMLR, and you have the specifics of the address of the property, you should be able to obtain results from the HM Land Registry of the registered proprietor for a for less than a fiver.