In the event thatI was to purchase a simple residential housein Smithfield for cash and have no survey and no conveyancing searches how much could I expect to have to pay for conveyancing in Smithfield?
The sole saving you would make on is the costs for searches. A lawyer still be obliged to do everything else - money laundering, communicating with the sellers conveyancer, stamp duty return, register the title etc. A marginal saving might be made by not needing to register a charge however it won't be a lot.
As someone unfamiliar with the Smithfield conveyancing process what’s the number one tip you can impart concerning the home moving process in Smithfield
Not many law firms or advisers will tell you this but conveyancing in Smithfield or throughout London is an adversarial experience. Put another way, when it comes to conveyancing there is lots of room for friction between you and other parties involved in the transaction. For example, the seller, selling agent and even potentially your mortgage company. Appointing a solicitor for your conveyancing in Smithfield is a critical decision as your conveyancer is your adviser, and is the SOLE person in the process whose role it is to protect your best interests and to protect you.
There is a distinct increase of a "blame" culture- someone has to be at fault for the process taking so long. We recommend that you your first instinct should be to trust your lawyer ahead of all other parties when it comes to the legal assignment of property.
I have been told that property searches are the number one cause of stalling in Smithfield conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Smithfield.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Smithfield I like with open areas and station in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Smithfield 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 that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am intending to let out my leasehold flat in Smithfield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Your lease governs relations between the freeholder and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Smithfield do not prevent subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Smithfield Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
Are any of leasehold owners in dispute over their service charge liability? Best to be warned if fixing the lift or some other major work is pending to be shared between the leaseholders and will materially impact the level of the service fees or result in a specific invoice.