We are soon to exchange buying a property in Chinatown but as a result of damage from a small fire at the property I have managed to agree recompense from the current proprietors in the sum of six thousand pounds by way of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process but Virgin Money will not permit this. Why were they involved?
The conveyancing practitioner that is on the Virgin Money conveyancing panel is duty bound to inform Virgin Money of any changes to the sale price. If you prohibit your lawyer to notify the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new lawyer for your conveyancing in Chinatown.
My Solicitor in Chinatown is not listed on the Halifax Solicitor Panel. Can I still use my family solicitor even though they are not on the Halifax panel of approved conveyancing solicitors?
The limited options open to you here include:
- Complete the purchase with your existing Chinatown solicitors but Halifax will need to retain a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing fees and result in delays.
- Choose a new lawyer to to deal with the purchase, obviously checking they are Persuade your lawyer to do everything within their powers to join the Halifax conveyancing panel
Due to the guidance of my in-laws I had a survey completed on a property in Chinatown before instructing conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some banks tend not issue a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chinatown. Conveyancing may be slightly more expensive based on your lender's requirements.
I work for a long established estate agent office in Chinatown where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Chinatown conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
After years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chinatown. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Chinatown conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Chinatown property 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 remaining number of years on the lease was 73.92 years.
What is the distinction between surveying and conveyancing in Chinatown?
Conveyancing - in Chinatown or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are intending to buy and will help you find out about the condition of the building and, if there are problems, give you a powerful reason for negotiating the buying price down or asking the vendor to remedy the problems prior to you move in.