Why do I have to pay up front for my conveyancing in Fitzrovia?
If you are buying a property in Fitzrovia your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the sale price then this will be needed shortly in advance of exchange of contracts. Any further balance that is needed will be payable shortly before completion.
Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who dealt with the conveyancing in Fitzrovia 5 years ago are no longer around. What do I do?
Gone are the days when you need to hold title official documentation to prove you are the registered proprietor of land or premises, as the Land Registry have everything they need in a digital format.
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Fitzrovia I like with amenity areas and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Fitzrovia suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
My husband and I are first time buyers - had an offer accepted, yet the selling agent has warned us that the vendor will only proceed if we appoint the agent's preferred conveyancers as they are insisting on an ‘expedited deal’. We would rather use a local conveyancer accustomed to conveyancing in Fitzrovia
We suspect that the owner is unaware of this requirement. If they require ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Contact the owners directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you intend to appoint your preferred Fitzrovia conveyancing lawyers - not the ones that will earn their negotiator at the agency a referral fee or hit his conveyancing figures demanded by HQ.
Do you have any top tips for leasehold conveyancing in Fitzrovia with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Fitzrovia can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ lawyers. In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Fitzrovia state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such works. Where you fail to have the consents in place you should not contact the landlord without checking with your solicitor before hand. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.
I am the registered owner of a second floor flat in Fitzrovia. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
You certainly can. We can put you in touch with a Fitzrovia conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Fitzrovia premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The unexpired lease term was 73.26 years.
Why am I unable to complete my conveyancing in Fitzrovia on a bank holiday?
This is due to the fact that on completion the money will be transferred electronically between the banks of the purchaser and owner’s conveyancing practitioner and currently this can only occur on a working day. So you can't complete on a weekend either.