My husband and I are planning to buy a flat in Charterhouse and have appointed a Charterhouse conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Birmingham Midshires have this morning contacted us to advise us that they have now hit a problem as our Charterhouse lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also act for the purchaser's lender. 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 Accreditation Scheme. Your property lawyer should contact your bank 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 and you may continue to use your own Charterhouse solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Should my solicitor be asking questions concerning flooding during the conveyancing in Charterhouse.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Charterhouse. Some people will purchase a house in Charterhouse, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a various checks that may be carried out by the buyer or by their conveyancers which should figure out the risks in Charterhouse. The conventional set of property information forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to determine if the premises has ever been flooded. If flooding has previously occurred and is not notified by the owner, then a buyer may bring a claim for damages stemming from an inaccurate response. The purchaser’s solicitors may also carry out an enviro report. This will reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be carried out.
Due to the input of my in-laws I had a survey completed on a property in Charterhouse in advance of appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some banks may refuse to grant a mortgage on such a house.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Charterhouse. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by three or four local selling agents in Charterhouse to select a property lawyer using your seach tool. What’s the financial incentive for Estate Agents to offer your services rather than another?
We don’t make any financial incentive for sending work in our direction. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Charterhouse. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Charterhouse ?
Most houses in Charterhouse are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Charterhouse in which case you should be looking for a Charterhouse conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Charterhouse. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Charterhouse conveyancing firm who can help.
An example of a Lease Extension case for a Charterhouse flat 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 affected 1 flat. The unexpired residue of the current lease was 66.8 years.
We are soon to acquiring a apartment in Charterhouse. Conveyancing is not over but we wish to keep the amount we are are purchasing for confidential from the likes of Rightmove. How can this be achieved ?
HMLR by statute are bound to reveal price sold information on a register of the title for domestic properties nationwide including premises in Charterhouse. The Title Register is a public document, so HMLR would be breaching their statutory duty if they failed to grant access to the register.
You can ask the Land Registry to withhold the amount paid data yet the response would be a No.