My husband and I are acquiring a new build duplex in Acton and my lawyer is telling me that she is duty bound to the lender to disclose incentives from the developer. I am on a tight deadline to exchange and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Me and my partner are purchasing a apartment in Acton. It might be a silly question but how we can trust a lawyer? On completion day we have to put funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Acton conveyancing practitioner on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
At last I have had an offer on a flat in Acton agreed to, but there is a chain. The vendors have offered on somewhere, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have instructed a high street conveyancing solicitor in Acton. What should be my next step? At what point do I apply for the mortgage with HSBC?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Acton conveyancing search costs, etc). The first thing to do is ensure that your conveyancing practitioner is on the HSBC conveyancing panel. As to the next stages this very much dictated by the circumstances of your transaction, motivation for this property and on the state of the market. In a rising market some purchasers will apply for a home loan with HSBC and pay for the valuation and only if it was satisfactory would they pay their property lawyer to proceed with searches.
My wife and I are close to exchanging contracts on the sale of our property in Acton and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a web based conveyancing outfit as opposed to a conveyancing solicitor in Acton. Having lived in Acton for three years we know of no issue. Is it a good idea to get in touch with our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Acton is where the house is located. Can you offer any assistance?
Flying freeholds in Acton are not the norm 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 very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Acton may determine 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.
We're first time buyers - had an offer accepted, but the selling agent advised that the vendor will only move forward if we instruct their recommended conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street solicitor who is familiar with conveyancing in Acton
We suspect that the seller is unaware of this requirement. Should the owner desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is likely to cause more damage than good. Bypass the agents and go straight to the owners and explain that (a)you are genuine buyers (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)but you are going to use your preferred Acton conveyancing firm - rather thanthe ones that will provide the estate agent a commission or meet his conveyancing figures demanded by HQ.
Can you provide any advice for leasehold conveyancing in Acton from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Acton can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers. Some Acton 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 put in hand bank and professional references. The 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 buyers or their solicitors. If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than unsettled. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you hold a share in a the freehold, you should make sure that you have the original share certificate. Organising a re-issued share certificate can be a lengthy formality and frustrates many a Acton home move. If a duplicate share is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.
I am the leaseholder of a first flat in Acton. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Acton premises 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 was in relation to 2 flats. The unexpired residue of the current lease was 63.75 years.