We are buying a brand new apartment in Camden and my conveyancer is telling me that she has to the lender to reveal incentives from the developer. I am under pressure to exchange contracts and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We note that you have a search directory listing solicitors on the Lloyds conveyancing panel. Do firms pay you a commission if I instruct them for our conveyancing in Camden?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Camden.
After weeks of negotiation I have agreed a price on a house in Camden. My mortgage broker recommended their conveyancers. I paid an on account payment of £175. A few days later, the conveyancer contacted me to say that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Leeds Building Society are being a right pain. The Camden solicitor who is on the Leeds Building Society conveyancing panel is recommending indemnity insurance as a solution but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Planning on purchasing a flat in Camden. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Camden lawyer is on the Nottingham conveyancing panel.
Just acquired a detached house in Camden , What is the estimated time for the Land Registry to register the transfer to my name? My Camden conveyancing solicitor has been painfully slow, so I want to be certain the registration formalities are concluded.
As far as conveyancing in Camden is concerned, registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether it is in order and whether the Land registry have to notify any 3rd parties. At present in the region of 80% of such applications are completed within two weeks but some can be subject to longer hold-ups. Registration takes place once the buyer has moved in to the premises thus 'speed' is not always top priority but if it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, no chain conveyancing. Camden is the location of the property. Is there any guidance you can give?
Flying freeholds in Camden are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Camden you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Camden may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Camden. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension case for a Camden flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The remaining number of years on the lease was 64.77 years.
What makes a Camden lease unmortgageable?
There is nothing unique about leasehold conveyancing in Camden. Most leases are unique and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.