Unfortunately I am unable to travel far from Coombe. What is the rationale as to why all Coombe lawyers aren't automatically on all bank panels?
A decade ago most banks displayed an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the lawyers on your panel. As a result, banks have subsequently looked to extract more information from law firms about their processes and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of volume of transactions the mortgage companies required.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Coombe?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Coombe. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build flat in Coombe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Coombe
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared.
I need to find a conveyancing solicitor for sale conveyancing in Coombe. I've land on a web site which seems to have the perfect solution If there is a chance to get all formalities done via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any advice for leasehold conveyancing in Coombe from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Coombe can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Coombe state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you fail to have the approvals in place do not communicate with the landlord without checking with your lawyer in the first instance. A minority of Coombe leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. The majority of freeholders or Management Companies in Coombe levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Coombe. If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved.
I own a first floor flat in Coombe. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price payable.
An example of a Lease Extension decision for a Coombe premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.
The financial adviser has recommended their conveyancing practitioner for the conveyancing in Coombe - Is it not simpler better to just instruct them?
It is not always the case and you are free to use whichever property lawyer you decide for your Coombe conveyancing. A lawyer recommended by a 3rd party adviser may not necessarily be the best solicitor, they may put forward their preferred conveyancing firm who are based far away. In this instance you may not have contact with your property lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.