The Leatherhead conveyancing lawyers that I appointed last week on my purchase in Leatherhead have without warning closed. I only went with them because I had to have a firm on the Virgin Money conveyancing panel and my family Leatherhead lawyer was not. I paid them money on account. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Virgin Money conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
About to purchase a new build apartment in Leatherhead. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Leatherhead
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
What does commercial conveyancing in Leatherhead cover?
Leatherhead conveyancing for business premises incorporates a wide range of guidance, supplied by qualified solicitors, relating to business premises. For example, this type 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 leases.
Am I best advised to choose a Leatherhead conveyancing practitioner in close proximity to the house I am purchasing? I have an old university friend who can carry out the conveyancing but his firm is located over three hundred miles away.
The benefit of a high street Leatherhead conveyancing firm is that you can attend the office to sign paperwork, present your ID and pester them where appropriate. Having local Leatherhead know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and they were impressed that should trump using an unknown Leatherhead conveyancing lawyer solely due to them being local.
Do you have any advice for leasehold conveyancing in Leatherhead with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Leatherhead can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives. You believe that you know the number of years remaining on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unsettled. If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a new share certificate can be a time consuming formality and frustrates many a Leatherhead conveyancing transaction. Where a new share is needed, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity. Some Leatherhead leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to 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 annual 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
I acquired a 1st floor flat in Leatherhead, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Leatherhead with an extended lease are worth £180,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2084
With just 59 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.