Me and my fiance are buying a 3 bedroom apartment in Blackfriars with a mortgage. We would like to retain our Blackfriars solicitor, but the lender says he's not on their "panel". We have to appoint one of the lender panel solicitors or retain our Blackfriars conveyancer as well as pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Blackfriars conveyancing lawyer to apply to be on the conveyancing panel.
My fiance and I are refinancing our penthouse in Blackfriars with Leeds Building Society. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Leeds Building Society. This is solely used to protect Leeds Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Leeds Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
My colleague suggested that if I am buying in Blackfriars I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually quoted for as part of the standard Blackfriars conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Blackfriars around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Blackfriars Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Blackfriars.
I am looking for a ground for flat up to £245,000 and identified one round the corner in Blackfriars I like with a park and railway links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Blackfriars in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My husband and I are novice buyers - had an offer accepted, yet the estate agent advised that the seller will only go ahead if we use the agent's preferred solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street solicitor who is familiar with conveyancing in Blackfriars
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', alienating a genuine purchaser is going to damage their objectives. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you will continue to instruct your preferred Blackfriars conveyancing firm - as opposed tothe ones that will provide the estate agent a introducer fee or hit his conveyancing targets demanded by corporate headquarters.
Estate agents have just been given the go-ahead to market my ground floor flat in Blackfriars. Conveyancing is yet to be initiated, however I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the maintenance contribution as usual because all rents and maintenance payments will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Blackfriars conveyancing firm to assist?
Absolutely. We can put you in touch with a Blackfriars conveyancing firm who can help.
An example of a Lease Extension decision for a Blackfriars property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term was 66.8 years.