Me and my partner are purchasing a 2 bedroom apartment in Harold Park with a mortgage. We would like to retain our Harold Park conveyancer, but the lender says she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Harold Park conveyancing practitioner and pay for one of their panel firms to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Harold Park conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Harold Park? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Harold Park. However these days you can not proceed with any conveyancing deal in the absence providing evidence of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as proof of ID it must be both the paper element and photo card part, one is not satisfactory without the other.
Evidence of your origin of monies is necessary under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor must retain this information on record. Your Harold Park conveyancing solicitor will require evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask additional questions regarding the source of funds.
Is it the case that all Harold Park solicitor practices on the Coventry BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
We have agreed to purchase a house in Harold Park. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
Given that your lender is HSBC your lawyer must follow the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for HSBC. The CML Handbook contains minimum provisions for solar panel roof-space leases, and property lawyers are required to report to HSBC where a lease does not meet these requirements. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Harold Park.
We were going to get a OIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Harold Park solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint Harold Park solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
Just had an offer accepted on a new build flat in Harold Park. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Harold Park
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I am tempted by the attractive purchase price for a two flats in Harold Park which have about fifty years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Harold Park is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Harold Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a second floor flat in Harold Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Harold Park conveyancing firm who can help.
An example of a Lease Extension decision for a Harold Park premises 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 unexpired term was 57.5 years.
Is there a distinction between surveying and conveyancing in Harold Park?
Conveyancing - in Harold Park or elsewhere - is the legal term given to transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re intending to buy and will help you discover the condition of the building and, if there are problems, give you a powerful reason for reducing the price down or asking the seller to remedy the defects prior to you complete your move.