We have very pushy vendors who has recommended a preliminary agreement with a non-refundable deposit 10k. Are such agreements sensible?
This kind of arrangement is unusual in Hoxton, conveyancers will often direct clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Secondly, there is no certainty that just because the proprietor has signed an exclusivity contract they will sell to you. They may be tempted to break the agreement if they receive a big enough financial inducement to do so because an aggrieved party with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and these may not amount to the financial upside that your vendor may secure by breaking the contract, no matter how morally condemnable that may be.
Can you explain why leasehold purchase conveyancing in Hoxton costs more?
Hoxton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Hoxton I like with amenity areas and station nearby, the downside is that it only has 51 years on the lease. There is not much else in Hoxton in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My husband and I are four weeks into a residential purchase having been directed to a firm by the high street agent to perform conveyancing in Hoxton. I am am very disappointed with the level of service. Can you you assist me in finding new solicitors?
They would have to be very bad to suggest diss instructing them. Has the loan offer been issued? In the event that it has you must make them aware of the new contact details and get the offer are re-issued. The conveyancer should be on the lenders approved list to avoid escalating expenses and frustration. That should be your first question of the new solicitors. Our find a solicitor tool should help you find a lender approved conveyancer for your conveyancing in Hoxton
Looking forward to sign contracts shortly on a basement flat in Hoxton. Conveyancing lawyers assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Hoxton should include some of the following:
-
An explanation as to the provision as set out in the lease to to contribute towards maintenance costs - with regard to both the building, and the wider rights a lessee has The unexpired lease term. You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark Who has the liability for maintaining the window frames Repair and maintenance of the flat Do you need to have carpet in the flat or are you allowed wood flooring?
I own a second floor flat in Hoxton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the amount due.
An example of a Lease Extension case for a Hoxton property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The remaining number of years on the lease was 72.39 years.
How does one as executor remove a departed person's name from the title register for a property in Hoxton?
Where a Hoxton property is co-owned and one of the proprietors dies, the name will not automatically be removed from the Land Registry title. It is not necessary to amend the title as when it comes to a sale your conveyancer would simply need to supply proof as to the reason the other proprietor is missing from the contract, such as a grant of probate.
With the aim of making the sale conveyancing smoother for the sale of the property you can arrange to have the deceased party erased from the title entries by applying to HM Land Registry with proof of the death. There is no land registry fee payable.