I hired a high street lawyer for our conveyancing in Ilford today. After carefully reading the fine print I seeI am responsible for costs even where the transaction does not complete. Should I ditch them and instruct a web based firm advertising no-sale-no-fee conveyancing in Ilford?
It is usually a trade off in that if "No Completion No Fee" is available then the fee levels will generally be higher to cover those cases that do not go ahead. Please beware that these deals tend not to protect you from expenses e.g. Ilford conveyancing search expenses.
Is there a reason why leasehold purchase conveyancing in Ilford costs more?
In short, leasehold conveyancing in Ilford and elsewhere usually necessitates extra due diligence compared to freehold transactions. This includes lease investigation, liaising with the landlord concerning serving appropriate notices, securing current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
How does conveyancing in Ilford differ for new build properties?
Most buyers of new build or newly converted property in Ilford approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Ilford usually acquire 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 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 Ilford or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Ilford is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ilford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ilford you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ilford may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am employed by a long established estate agency in Ilford where we see a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Ilford conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have had difficulty in trying to purchase the freehold in Ilford. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Lease Extension matter before the tribunal for a Ilford residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired lease term was 61.36 years.