The Chelsea conveyancing firm handling our Chelsea conveyancing has uncovered a difference when comparing the information in the valuation survey and what is in the legal papers for the property. My lawyer has advised that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am buying my first flat in Chelsea with a loan from Yorkshire Building Society. The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my lawyer about the deal as it will put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking to sell my home. My previous solicitors has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in Chelsea if that makes a difference.
You should use our search tool to help you choose a solicitor for your conveyancing in Chelsea. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
Am I best advised to choose a Chelsea conveyancing practitioner based in the location that I am buying? I have an old university friend who can execute the legal formalities but they are based 400kilometers drive away.
The primary upside of using a local Chelsea conveyancing practice is that you can pop in to execute paperwork, hand in your identification documents and pester them where appropriate. They will also have local insight which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must trump using an unknown Chelsea conveyancing lawyer just because they are round the corner.
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Chelsea. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Chelsea ?
Most houses in Chelsea are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Chelsea in which case you should be shopping around for a Chelsea conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Chelsea. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a Chelsea flat 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 related to 1 flat. The number of years remaining on the existing lease(s) was 57.06 years.
My son is embarking on her first house purchase, the home loan was agreed last week in principle. When the seller agreed the offer on the house we called the mortgage company to issue the formal offer. We were disappointed to learn that banks do not accept all conveyancing practitioner, they must be on their panel, is this right?
Banks tend to imposes restrictions either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Chelsea property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.