Is there a reason why leasehold purchase conveyancing in King's Cross costs more?
King's Cross leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable 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.
I am helping my sister sell her property in King's Cross. Does the solicitor order the energy assessment or should I organise this?
Following the demise of HIPs, EPC’s was maintained a required element of selling a property. An energy assessment must be commissioned prior to the property being placed on the market. This is not a task that lawyers ordinarily arrange. If you are using a King's Cross conveyancing solicitor they may be willing to arrange energy assessments given their relationships with long established King's Cross energy assessors
I can not work out if my bank requires a lease extension. I have called my King's Cross bank branch on various occasions and was told they are content with the situation and they will lend. My King's Cross conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the mortgage company panel, they must comply with the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local King's Cross solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own King's Cross surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should my conveyancer be making enquiries about flooding as part of the conveyancing in King's Cross.
Flooding is a growing risk for conveyancers dealing with homes in King's Cross. There are those who acquire a house in King's Cross, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of checks that can be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in King's Cross. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine whether the property has ever been flooded. If the property has been flooded in past and is not notified by the owner, then a purchaser may bring a claim for damages resulting from an inaccurate answer. A buyer’s lawyers will also order an enviro search. This will reveal whether there is a recorded flood risk. If so, more detailed inquiries should be made.
How does conveyancing in King's Cross differ for new build properties?
Most buyers of new build residence in King's Cross approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because developers in King's Cross typically purchase the site, 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 conveyancing solicitors 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 King's Cross or who has acted in the same development.
As co-executor for the estate of my uncle I am selling a residence in Newport but live in King's Cross. My solicitor (approximately 260 miles from merequires that I execute a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing solicitor in King's Cross who can attest this legal document for me?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are King's Cross based
I am looking at a couple of maisonettes in King's Cross which have approximately forty five years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in King's Cross is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 King's Cross 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in King's Cross. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We are happy to put you in touch with a King's Cross conveyancing firm who can help.
An example of a Lease Extension decision for a King's Cross property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired term was 66.8 years.