My fiance and I are looking to acquire a property in Bedford Park and have instructed a Bedford Park conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this afternoon contacted us to inform me that there is now an issue as our Bedford Park conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. 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 mortgage company 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Bedford Park lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My conveyancer has uncovered a a problem with the lease for the property we are buying in Bedford Park. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
We note that you have a search directory listing solicitors on the Nottingham conveyancing panel. Do companies pay you a commission if I retain them for our own conveyancing in Bedford Park?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bedford Park.
What does a local search tell me concerning the property I am purchasing in Bedford Park?
Bedford Park conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations such as Onsearch The local search plays an important part in most Bedford Park conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
The deeds to my house can not be found. The lawyers who dealt with the conveyancing in Bedford Park 10 years ago are no longer around. What are my options?
As long as you have a registered title the information relating to your proprietorship will be evidenced by the Land Registry with a Title Number. It is possible to carry out a search at the Land Registry, locate your property and get up to date copies of the property title for a small fee. If the property is Leasehold then the Land Registry will also normally hold a certified copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
I've recently bought a leasehold flat in Bedford Park. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have had difficulty in negotiating a lease extension in Bedford Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the premium.
An example of a Freehold Enfranchisement decision for a Bedford Park property is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case was in relation to 2 flats. The unexpired term as at the valuation date was 64.64 years.