My husband and I are intending to buy a 1 bedroom apartment in Highams Park with a mortgage. We wish to retain our Highams Park conveyancer, however the mortgage company advise she’s not on their "panel". It appears that we have little choice but to select one of the lender panel solicitors or retain our Highams Park solicitor as well as pay for one of their panel ones to represent them. This feels very unfair; are we not able to insist that the mortgage company use our Highams Park conveyancing practitioner ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Highams Park conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are acquiring a brand new flat in Highams Park and my solicitor is telling me that she is duty bound to the lender to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Highams Park? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in Highams Park. Nowadays you can not complete any conveyancing process without first handing over proof of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are supplying your driving licence as evidence of ID it must be both the paper element and photo card part, one is not sufficient without the other.
Proof of your source of funds is mandated in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancing solicitor will need to retain this information on file. Your Highams Park conveyancing practitioner will require evidence of proof of funds prior to accepting any money from you into their client account and they should also ask additional queries regarding the source of funds.
A friend recommended that if I am buying in Highams Park I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Highams Park conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Highams Park 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 House Prices, Crime details, Highams Park Education with maps and statistics, Local Amenities and other useful information regarding Highams Park.
In my capacity as executor for the estate of my father I am selling a property in Swansea but reside in Highams Park. My conveyancer (based 235 miles awayhas requested that I sign a statutory declaration before completion. Could you suggest a conveyancing practitioner in Highams Park who can attest and place their company stamp on the document?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are based in Highams Park
I inherited a two-bedroom flat in Highams Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Most definitely. We can put you in touch with a Highams Park conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Highams Park property is 48 Greenleaf Road in December 2009. the lessees sought to exercise their right to purchase the freehold from the landlord by way of collective enfranchisement in accordance with the Leasehold Reform Housing and Urban Development Act 1993.The landlord could not be found.A vesting order was granted from the Bow County Court on 10 September 2007 (Claim No: 8BO04141). The Tribunal held that the premium to be paid was £3,850 This case was in relation to 2 flats. The unexpired residue of the current lease was 104 years.
When it comes to leasehold conveyancing in Highams Park what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Highams Park. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Service charge per centages that don't add up correctly leaving a shortfall
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.