Our lawyer has uncovered a a problem with the lease for the apartment we are buying in Chelsea. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender provisions must be adhered to.
Are the Chelsea conveyancing solicitors identified as being on the Principality conveyancing panel, together with their details provided by Principality?
Chelsea conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
My property lawyer in Chelsea has never been on on the Norwich and Peterborough Building Society Conveyancing Panel. Is it possible for me to continue with my family solicitor even though they are excluded from the Norwich and Peterborough Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your preferred Chelsea solicitors but Norwich and Peterborough Building Society will need to instruct a solicitor on their list of acceptable firms. This will result in additional overall legal fees and cause frustration.
- Find a new practitioner to to deal with the conveyancing, obviously checking they are Persuade your conveyancer to use their best endeavours to join the Norwich and Peterborough Building Society conveyancing panel
We were going to get a OIP from Skipton this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Skipton recommend any Chelsea solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Chelsea solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
The formalities of my purchase has taken place for my property in Chelsea. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Chelsea building society branch on numerous occasions and was informed it wasn't a problem and they will lend. My Chelsea conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their published requirements. Who do I believe?
Your conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have been told that property searches are the main cause of hinderance in Chelsea house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Chelsea.
Expecting to sign contracts shortly on a leasehold property in Chelsea. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Chelsea should include some of the following:
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The unexpired lease term. You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years specifics of the parties to the lease, for instance these could be the (you), superior lessor, freeholder The total extent of the property. This will be the flat itself but may incorporate a attic or storage are if applicable. Responsibility to repair and maintain the building. It is important that you know who is duty bound to repair and maintenance of all parts of the block and communal areas You should have a good understanding of the insurance requirements
I inherited a ground flat in Chelsea. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
You certainly can. We can put you in touch with a Chelsea conveyancing firm who can help.
An example of a Lease Extension case for a Chelsea property is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case was in relation to 1 flat. The unexpired term was 57.06 years.