I can't travel far from Hyde Park. I would like to know the understand why all Hyde Park lawyers are not on all lender panels?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a organisation must have at least two partners. In addition to restricting the nature of firm, some have made a decision to limit the size of their panel they allow to act for them. You should note that banks have no responsibility for the accuracy of advice given by any Hyde Park solicitor on their panel. Increases in mortgage fraud was the main trigger for the culling of conveyancing panels in the last decade notwithstanding that there are contrary points of view about the extent of solicitor involvement in some of that fraud. Data published by HM Land Registry indicates that thousands of law practices only carry out less than three conveyances annually. Those vindicating conveyancing panel consolidation question why conveyancing firms deserve the right to remain on a bank panel when clearly property law is not their primary expertise?
We wanted to use a property lawyer in Hyde Park for our house purchase. Our financial adviser informed us that our bank The Royal Bank of Scotland won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Hyde Park conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms regarding their operations and their employees and establishing certain criteria such a completing on a minimum number of conveyancing. Many Hyde Park conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Hyde Park is amongst the numerous locations where the conveyancers we recommend are are approved The Royal Bank of Scotland.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Hyde Park?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Hyde Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Hyde Park with a loan from Leeds Building Society. The developers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not disclose to my conveyancer about this extras as it will affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Hoping to buy a property located in Hyde Park and I am already nervous. I couldn't find anything specific about Hyde Park. Conveyancing will be needed in due course but do you know about the Hyde Park area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Hyde Park. In the meantime here are some basic statistics that we found
Back In 2008, I bought a leasehold house in Hyde Park. Conveyancing and Aldermore mortgage organised. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Hyde Park who previously acted has long since retired. Any advice?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Hyde Park conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a leasehold flat in Hyde Park, conveyancing having been completed September 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Hyde Park with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2094
With 69 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.