The vendors of the house we are purchasing have appointed a conveyancing firm in Haringey who has insisted on a preliminary agreement with a payment two thousand pounds. Is it wise to enter into such agreements?
This type of contract is not the norm in Haringey, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. Furthermore, there is no assurance that just because the vendor has signed an exclusivity agreement they will complete the sale with you. They may be in contravention of the agreement if they are offered a big enough incentive to do so because a wronged purchaser with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and these may not amount to the extra amount that your vendor may gain by breaching the agreement, no matter how morally unworthy that may be.
Should lawyers ask for money on account for my conveyancing in Haringey?
If you are buying a property in Haringey your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the sale price then this will be asked for immediately prior to exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
What will a local search reveal about the house we're buying in Haringey?
Haringey conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search is essential in every Haringey conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your new home. The search should provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Haringey I like with a park and railway links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Haringey in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
As co-executor for the estate of my grandmother I am selling a residence in Cardiff but live in Haringey. My solicitor (based 250 kilometers from merequires that I execute a stat dec prior to completion. Could you suggest a conveyancing practitioner in Haringey who can attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are located in Haringey
Can you provide any top tips for leasehold conveyancing in Haringey with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Haringey can be reduced if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers’ lawyers. A minority of Haringey leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Arranging a re-issued share certificate is often a time consuming formality and frustrates many a Haringey conveyancing transaction. Where a new share certificate is required, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
I inherited a a ground floor purpose built flat in Haringey. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Haringey property is 16 Langham Close in June 2009. The Tribunal determined that the premium to be paid by the Applicant to the Respondent for the grant of a new lease was £45,672. This case related to 1 flat. The unexpired residue of the current lease was 25.4 years.