My fiance and I are buying a newly converted apartment in Camden with a homeloan from Bank of Ireland.We use our Camden conveyancing practitioner but Bank of Ireland advised that her practice is not on their approved list of member firms. we are left little option but to use a Bank of Ireland panel solicitor or retain our high street solicitor and pay for a Bank of Ireland panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its terms and conditions, a common one being that conveyancers needs to be on the Bank of Ireland approved list. in the past, most mortgage companies 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 solicitors to apply to be on the conveyancing panel for Bank of Ireland
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Camden?
There are many recorded licenced Conveyancers in Camden and Solicitor firms in Camden offering conveyancing We would stress that the two are regulated professionals specialising in the legal aspects of the home buying process. The two can handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
My fiancee and I are in the throws of looking at flats in Camden and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with TSB.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are taking out a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I have finally had an offer on a flat in Camden agreed to, the vendors do however have a dependent purchase. The owners have put an offer on a property, but it’s not yet tied up, and are looking at other flats in the pipeline. I have instructed a high street conveyancing solicitor in Camden. What should be my next step? At what point should I apply for the mortgage with UBS?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Camden conveyancing search charges, etc). The first course of action is to check that your conveyancer is on the UBS conveyancing panel. As to the subsequent stages this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. In a rising market some home buyers will apply for the mortgage with UBS and pay for the valuation and only if it was satisfactory would they request their lawyer to proceed with searches.
Should our lawyer be asking questions about flooding as part of the conveyancing in Camden.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Camden. There are those who buy a property in Camden, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a various searches that can be carried out by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Camden. The conventional set of property information forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to discover if the property has suffered from flooding. If the residence has been flooded in past and is not notified by the owner, then a purchaser may bring a compensation claim stemming from an incorrect answer. The purchaser’s lawyers may also conduct an environmental search. This will reveal if there is any known flood risk. If so, further investigations will need to be initiated.
I am looking for a ground for flat up to £305k and identified one round the corner in Camden I like with a park and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Camden in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I am attracted to a couple of flats in Camden which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Camden is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Camden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have had difficulty in trying to purchase the freehold in Camden. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the price payable.
An example of a Lease Extension decision for a Camden residence 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 unexpired residue of the current lease was 64.77 years.
I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Camden. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Camden are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Camden so you should seriously consider shopping around for a Camden conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.