Much to our surprise we have been notified by our estate agent that my Brent Park solicitor is not on the mortgage company Conveyancing panel. What can I do to check?
The first thing you need to do is to call your Brent Park lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
My husband and I are acquiring a newly built apartment in Brent Park and my lawyer is informing me that she has to the bank to disclose incentives from the seller. I am nearing the developer’s deadline to sign contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is there a reason why leasehold purchase conveyancing in Brent Park is more expensive?
Brent Park leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Are all Brent Park Conveyancing Quality Solicitors on the Aldermore conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
When it comes to lenders such as Principality, do Brent Park lawyers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Brent Park solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland 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 Brent 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.
I am looking for a flat up to £235,500 and found one near me in Brent Park I like with amenity areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Brent Park in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could 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 and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I have recently realised that I have 72 years unexpired on my lease in Brent Park. I now want to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have used your best endeavours to track down the landlord. On the whole an enquiry agent may be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Brent Park.
I inherited a ground floor flat in Brent Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to judgment on the amount due.
An example of a Freehold Enfranchisement decision for a Brent Park flat is 7 Craven Park in June 2009. The tribunal considered it unnecessary to value the garage as an independent investment or to value each flat separately, providing that the marriage value calculation uses only the participating flats. Accordingly, the price determined by the Tribunal was £41,140 This case related to 5 flats. The unexpired residue of the current lease was 73.14 years.