Can you explain why leasehold purchase conveyancing in Shadwell is more expensive?
Shadwell leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My Solicitor in Shadwell is not listed on the Halifax Solicitor Panel. Can I still use my prefered solicitor even though they are excluded from the Halifax approved list?
The limited options available to you here include:
- Carry on with your preferred Shadwell solicitors but Halifax will need to instruct a solicitor on their list of acceptable firms. This will result in additional total legal charges as well as cause frustration.
- Get a new practitioner to to deal with the conveyancing, not forgetting to check they are on the Halifax panel
What does commercial conveyancing in Shadwell cover?
Commercial conveyancing in Shadwell covers a broad array of services, provided by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Do you have any top tips for leasehold conveyancing in Shadwell from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Shadwell can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers’ lawyers. You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Shadwell leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer in the first instance. A minority of Shadwell leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Arranging a new share certificate can be a lengthy process and slows down many a Shadwell home move. Where a new share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
Following months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Shadwell. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Shadwell conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Shadwell residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired term was 101.61 years.
To what extent are Shadwell conveyancing solicitors duty bound by the Law Society to publish transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Shadwell or or elsewhere in the country.