My partner’s mother is a property lawyer. I anticipate that I'll be able to get mate’s pricing for conveyancing, However if that does not come through, what kind of figure would I typically be looking at for conveyancing in Collier Row?
It’s wise to get multiple conveyancing estimates. Do use our comparison tool on this page. Whilst prices seem to vary but service levels do are distinct between solicitors as is true with the vast majority of professional services.
Our solicitor has identified a defect with the lease for the property we are buying in Collier Row. The other side have offered title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
How does conveyancing in Collier Row differ for new build properties?
Most buyers of new build or newly converted property in Collier Row approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Collier Row typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Collier Row or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Collier Row I like with amenity areas and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Collier Row suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I’m about to sell my 2 bed apartment in Collier Row. Conveyancing is yet to be initiated, but I have recently had a quarterly service charge demand – Do I pay up?
It best that you discharge the maintenance contribution as usual as all ground rent and maintenance payments should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
We have reached the end of our tether in trying to purchase the freehold in Collier Row. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Collier Row conveyancing firm who can help.
An example of a Lease Extension decision for a Collier Row property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.
Much to my surprise my conveyancer in Collier Row has requested from me identification documents stating that this forms part of his legal duty as a conveyancer on the bank Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require Collier Row conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements