My partner and I are planning to buy a home in Acton and are in fact using a Acton conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Acton conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Acton lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
When does exchange of contracts happen for sale conveyancing in Acton and am I required to attend the lawyers office?
Where you are in close proximity to our conveyancing solicitors in Acton you are invited in to sign documents. That being said, the firms we work with offer countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you digitally. The signing of the purchase agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to address the formalities at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Acton)to be in the office available at the end of the phone to exchange contracts.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Acton is where the house is located. What do you suggest?
Flying freeholds in Acton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Acton you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Acton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How do I use the search tool to get a costs illustration from a conveyancing practitioner in Acton on the authorised to act for my mortgage?
Step one is to choose a mortgage company such as Santander, Norwich and Peterborough Building Society or Alliance & Leicester then specify your preferred area a common one being Acton. Conveyancing firms in Acton and beyond will then be shown.
Do you have any advice for leasehold conveyancing in Acton with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Acton can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers’ lawyers. Some Acton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. You believe that you know the number of years left on your lease but it would be wise to verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled. Many freeholders or Management Companies in Acton levy fees for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Acton.
Following years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Acton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Acton conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Acton flat is 4 Woodhurst Road in July 2013. The Tribunals valuation for the premium to be paid in respect of the collective enfranchisement was £51,050. This case affected 2 flats. The unexpired term as at the valuation date was 63.75 years.
My husband and I hope to purchase our first property in Acton. Conveyancing solicitor already selected. The mortgage adviser advised that a survey is not necessary as the house is just 20 yrs old.
At the very least you should order a Home Buyer's Report. Given the property is over 10 years old the property will not benefit from a warranty, so you would be well advised not to take a risk. For a property that age with no signs of problems a Home Buyer's report may be enough. The report should highlight any apparent issues and suggest additional investigation where relevant. If there are any signs of problems seek a comprehensive structural survey.