At what point does exchange of contracts take place for sale conveyancing in King's Cross and am I required to be at the solicitors office?

If you are near to our conveyancing solicitors in King's Cross you are welcome to come in to sign the paperwork. That being said, the law practices we work with offer countrywide coverage for conveyancing and provide just as detailed and professional a job for you when communicating with you electronically. The executing of the contract is not the important part. Signing on the dotted line is just a prerequisite for the solicitor to exchange contracts at the appropriate time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in King's Cross)to be in the office available at the end of the phone to exchange contracts.

I am considering applying for a mortgage for purchase of a new build (under development) in King's Cross with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for ?

In theory, you could use a solicitor that is not on the conveyancing panel, but would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.

A relative advised me that where I am purchasing in King's Cross I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

A search of this type is usually quoted for as part of the standard King's Cross conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about King's Cross around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the King's Cross Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data regarding King's Cross.

My brother has suggested that I instruct his conveyancing solicitors in King's Cross. Should I use them?

There are no two ways about it it’s preferable to select a conveyancing practitioner is to seek feedback from friends or family who have actually previously instructed the firm you're considering.

I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in King's Cross. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in King's Cross ?

The majority of houses in King's Cross are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in King's Cross in which case you should be looking for a King's Cross conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I acquired a basement flat in King's Cross, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in King's Cross with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 50

With 50 years left to run we estimate the premium for your lease extension to span between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.