The owners have very pushy sellers who has insisted on a preliminary agreement with a non-refundable deposit of 5k. Are such agreements sensible?
There are two main downsides with signing a lock out contract (occasionally referred to as a shut-out contract) is that it can distract from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it may transpire to be a hindrance. It is not strongly advocated amongst Leytonstone conveyancing solicitors for this reason. A supplemental negative is the extent of the remedies available - a jilted purchaser is not likely to win injunctive relief to stop the seller completing the sale to an alternative purchaser, so the only remedy open via the agreement will be the recovery of wasted charges and, in limited situations, the additional payment of penalties.
I used Stirling Law several years ago for my conveyancing in Leytonstone. I now require my papers but cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Leytonstone of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in Leytonstone I like with a park and station in the vicinity, however it only has 61 years on the lease. I can't really find anything else in Leytonstone in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Should I instruct a Leytonstone conveyancing lawyer based in the area that I am buying? I have an old university friend who can execute the conveyancing however they are based over three hundred miles away.
The benefit of a local Leytonstone conveyancing firm is that you can pop in to execute documents, hand in your identification documents and pester them if necessary. They will also have local knowledge which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were happy that must outweigh using an unfamiliar Leytonstone conveyancing solicitor solely due to them being Leytonstone based.
I wish to let out my leasehold flat in Leytonstone. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Notwithstanding that your previous Leytonstone conveyancing solicitor is not available you can check your lease to see if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek consent via your landlord or some other party in advance of subletting. This means that you cannot sublet in the absence of prior consent. Such consent is not allowed to be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Leytonstone. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or where 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 First-tier Tribunal (Property Chamber) to calculate the amount due.
An example of a Freehold Enfranchisement decision for a Leytonstone residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 73.92 years.