My wife and I are planning to acquire a house in Grange Park and have appointed a Grange Park conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Grange Park conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. 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 solicitor should contact your lender 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 as you are at liberty to use your preferred Grange Park lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I purchased a freehold house in Grange Park yet pay rent, why is this and what is this?
It’s unusual for properties in Grange Park and has limited impact for conveyancing in Grange Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
My bank has recommended a law firm on their panel based in Grange Park but I would rather choose a conveyancing lawyer in Grange Park round the corner to me. Can you assist?
Not all Grange Park conveyancing practices are on all lender’s conveyancing panel. Use the above find an approved solicitor tool to locate a Grange Park conveyancing firm on the on the lender panel.
How does conveyancing in Grange Park differ for newly converted properties?
Most buyers of new build residence in Grange Park approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Grange Park tend to purchase 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 conveyancers 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 accustomed to new build conveyancing in Grange Park or who has acted in the same development.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Grange Park. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Grange Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Grange Park in which case you should be looking for a Grange Park conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Grange Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Grange Park conveyancing firm who can help.
An example of a Lease Extension case for a Grange Park flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The unexpired lease term was 81.79 years.
After what feels like an age I have had an offer on an maisonette in Grange Park agreed to, but there is a chain. The current proprietors have offered on a property, but it’s not been accepted yet, and are looking at other properties in the pipeline. I have instructed a nearby conveyancing lawyer in Grange Park. What should be my next step? At what point should I apply for the mortgage with Leeds Building Society?
It is standard to have anxieties where there is an associated chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of one thousand pounds, then valuation, Grange Park conveyancing search costs, etc). The first course of action is to ensure that your conveyancer is on the Leeds Building Society approved list. Regarding the next stages this very much depends on the specifics of your case, desire for the property and on the state of the market. During a rising market some purchasers will apply for the mortgage with Leeds Building Society and pay for the survey and only if it comes back ok would they ask their property lawyer to press on with the conveyancing in Grange Park.