The sellers of the property we are looking to purchase have instructed a conveyancing solicitor in King's Cross who has recommended a lock out contract with a payment two thousand pounds. Is it wise to enter into such agreements?
There are two main downsides with executing a lock out contract (sometimes known as a shut-out contract) is that it takes away the focus from making progress with the conveyancing process, so unless it requires little or no negotiation then it could transpire to be a hindrance. It is not particularly popular by King's Cross conveyancing lawyers as a result. A supplemental negative is the extent of the remedies available - an aggrieved buyer is not likely to win an injunction to prohibit the seller disposing of the property to an alternative purchaser, so the only remedy open via the contract will be the recovery of abortive charges and, in rare scenarios, the additional payment of damages.
Completed the sale of my flat in King's Cross last March yet the purchaser is SMS messaging every few hours to say their solicitor is waiting to hear from mysolicitor. What are the post completion sale formalities following completion?
Post completion of your sale your conveyancer is committed to send the transfer documentation and all additional paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer must also confirm that the mortgage has been repaid to the buyers lawyers. There is unlikely to be post completion tasks just for conveyancing in King's Cross.
It has been three months since my purchase conveyancing in King's Cross completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in King's Cross I like with amenity areas and transport links nearby, however it's only got 51 remaining years left on the lease. There is not much else in King's Cross in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage 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 twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
Having checked my lease I have discovered that there are only 72 years left on my flat in King's Cross. I need to get lease extension but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. On the whole an enquiry agent should be helpful to conduct investigations and to produce an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering King's Cross.
My wife and I have hit a brick wall in negotiating a lease extension in King's Cross. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee freeholder or if 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 Leasehold Valuation Tribunal to arrive at the price.
An example of a Lease Extension matter before the tribunal 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 lease term was 66.8 years.