My wife and I are hoping to buy a house in Alexandra Park and have instructed a Alexandra Park conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this evening contacted us to advise us that they have now hit a problem as our Alexandra Park solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent 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 Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Alexandra Park solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
It is not clear whether my mortgage offer requires a lease extension. I have called my Alexandra Park bank branch on numerous occasions and was told they are content with the situation and they will lend. My Alexandra Park conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their specific requirements. I simply don't know who is right.
As long as the conveyancer is on the lender panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I had an offer accepted on an apartment in Alexandra Park on 28/11/2024, valuation was booked five days later, received a clean bill of health. Property lawyer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Kent Reliance and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Kent Reliance conveyancing panel. Are Kent Reliance entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have instructed a Alexandra Park conveyancer having checked that they are on the UBS conveyancing panel. Does my lawyer arrange the survey of the property?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS 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. You may wish to consider appointing your own Alexandra Park surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Are there restrictive covenants that are commonly identified during conveyancing in Alexandra Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Alexandra Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a flat up to £305k and found one round the corner in Alexandra Park I like with open areas and transport links in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Alexandra Park suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
What advice can you give us when it comes to choosing a Alexandra Park conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Alexandra Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Alexandra Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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Can they put you in touch with clients in Alexandra Park who can give a testimonial? What are the costs for lease extension work?
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Alexandra Park conveyancing firm to act on my behalf?
Absolutely. We can put you in touch with a Alexandra Park conveyancing firm who can help.
An example of a Lease Extension case for a Alexandra Park residence is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case related to 1 flat. The unexpired residue of the current lease was 65.21 years.
I need to assess costs for conveyancing in Alexandra Park from three lawyer and choose one. Am I right to ask them to sit tight until I have found somewhere to acquire.
You should only ask your lawyer to open a file and apply for searches after the sales memo has been issued by the estate agent especially as Alexandra Park conveyancing searches are not inexpensive.