I am expecting a mortgage offer from Santander. I would like to enlist the help of a Licensed Conveyancer in Albany Park. Does the Santander Conveyancing panel allow for Licensed Conveyancers?
The Santander approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
The housing market in Albany Park is hotting up. What can I do to speed up matters?
First, If you are under a tight deadline to complete it is highly recommended that your solicitor is familiar with the location as they will make use of local relationships and insight. It is possible that they may have conducted previoushouses in the same neighbourhood. Therefore consider using a Albany Park conveyancing lawyer. In addition, ensure that the lawyer is on the member panel. It is claimed that nearly one in five of Albany Park conveyancing transactions are held up or derailed after finding out that a purchaser’s conveyancer was not on their banks member panel. This can often result in the home move being frustrated by an average of three weeks. It is claimed that this issue impacts approximately one hundred thousand home sales every year. Most Albany Park conveyancing firms can not act for certain banks so do check as early as possible.
This question may be naive but I am unseasoned as a 1st time purchaser of a ground floor flat in Albany Park. Do I collect the keys to the house on the completion date from my solicitor? If so, I will instruct a local conveyancing solicitor in Albany Park?
On the day of completion you will not be required to go to the conveyancers office in Albany Park. Conveyancing lawyers for you will arrange to send the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you will be able to pick up the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
We were going to get a OIP from Santander this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Albany Park solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Albany Park solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Albany Park solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Albany Park postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Albany Park.
I moved into my apartment on 9 March and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Albany Park said it should be formalised in less than a month. Are titles in Albany Park uniquely lengthy to register?
As far as conveyancing in Albany Park is concerned, registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can differ according to the party submitting the application, whether there are errors and whether the Land registry need to notify any 3rd parties. Currently approximately three quarters of such applications are fully dealt with within two weeks but some can be subject to longer hold-ups. Historically registration is effected after the purchaser is living at the property therefore an expedited registration is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor must speak with the land registry and explain the circumstances.
I am tempted by the attractive purchase price for a couple of flats in Albany Park which have about forty five years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Albany Park is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Albany Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
After years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Albany Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to determine the price payable.
An example of a Vesting Order and Purchase of freehold matter before the tribunal for a Albany Park residence is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case affected 2 flats. The remaining number of years on the lease was 80.01 years.
My wife and I are selling a Albany Park flat we inherited 8 years ago in 2009. I have over ten years conveyancing knowledge and, although retired, intend to undertake the conveyancing. The purchaser's solicitor has informed me that their building society will not allow you to do your own conveyancing mandating that the funds to be sent to a solicitor's bank account.
Mortgage instructions to conveyancers from all mainstream lenders state that If the vendor is not legally represented the borrower's lawyers should check whether the bank needs to be told so that a decision can be made as to whether they are prepared to proceed.