Our conveyancer has uncovered a defect with the lease for the property we are purchasing in Holland Park. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
Why is leasehold purchase conveyancing in Holland Park costs more?
In summary, leasehold conveyancing in Holland Park and elsewhere usually warrants additional hours of investigation compared to freehold transactions. This includes reviewing the lease, communicating with the landlord about serving appropriate notices, obtaining current service charge and management information, obtaining the landlord’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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
We're in Holland Park, First time buyers buying with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Due to the input of my in-laws I had a survey completed on a property in Holland Park before appointing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies may not grant a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Holland Park. Conveyancing may be slightly more expensive based on your lender's requirements.
How difficult is it to change conveyancer as I need to appoint a firm on the Britannia conveyancing list. I had appointed a local conveyancing solicitor in Holland Park round the corner but the firm is not approved by Britannia
We will our best to assist in finding you a conveyancing solicitor in Holland Park on the Britannia panel. Please note that the solicitors that we on the directory do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Holland Park. In making use of the find a conveyancing solicitor tool on this website, you can contrast costs for conveyancing solicitors in Holland Park and throughout England and Wales.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375,000 flat in Holland Park in just under a week. The managing agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Holland Park?
For most leasehold sales in Holland Park conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-contract enquiries
Where consent is required before sale in Holland Park
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
My wife and I have hit a brick wall in trying to purchase the freehold in Holland Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Lease Extension matter before the tribunal for a Holland Park flat is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case affected 1 flat. The unexpired term was 37.79 years.