My partner and I are looking to purchase a flat in Esher and Claygate and have appointed a Esher and Claygate conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Virgin Money have this evening contacted us to advise us that they have now hit a problem as our Esher and Claygate conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. 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 Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Esher and Claygate solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Me and my partner are about to exchange on the purchase of a house in Esher and Claygate but as a result of wreckage from a small fire at the property I have managed to agree compensation from the current proprietors in the sum of £2k in the form of a adjustment in the price. I had intended this to be addressed as part of amending the contract but Principality are not allowing this. Why were they approached?
Your lawyer that is on a Principality conveyancing panel is required to advise Principality of any changes to the sale price. If you were to refuse your conveyancing practitioner to notify the price change to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new conveyancer for your conveyancing in Esher and Claygate.
Why is leasehold purchase conveyancing in Esher and Claygate is more expensive?
In summary, leasehold conveyancing in Esher and Claygate and elsewhere usually involve extra hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord about the service of required notices, obtaining current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
A relative advised me that where I am purchasing in Esher and Claygate I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Esher and Claygate conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Esher and Claygate around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Esher and Claygate Education with maps and statistics, Local Amenities and other useful information about Esher and Claygate.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Esher and Claygate is where the house is located. Can you shed any light on this issue?
Flying freeholds in Esher and Claygate are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Esher and Claygate you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Esher and Claygate may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Esher and Claygate conveyancing firm to assist?
if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the amount due.
An example of a Lease Extension matter before the tribunal for a Esher and Claygate flat 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 affected 1 flat.
What makes a Esher and Claygate lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Esher and Claygate. Most leases are unique and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building A provision for the recovery of money spent for the benefit of another party.
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.