My wife and I are purchasing a flat in Kensal Rise. My property lawyer has never been on on the mortgage company solicitor panel. Am I still permitted to continue with my Kensal Rise conveyancing solicitor notwithstanding that they are not on the bank approved list?
You will need to instruct a solicitor to complete the legal work required when you need a loan to buy your home. The property lawyer will carry out all the appropriate legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage documentation is dealt with. One could instruct a Kensal Rise lawyer of your choosing. Nevertheless, if the property lawyer selected is not on the mortgage company solicitor panel additional costs will arise as separate legal representation will be required by them. Bank panel applications may be submitted, so if your conveyancer has not historically sought membership they should take the opportunity to apply.
Our conveyancer has discovered a a legal deficiency with the lease for the apartment we are purchasing in Kensal Rise. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must check that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
What is the optimum way to find out if the solicitor carrying out my conveyancing in Kensal Rise is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays Direct thus paying £192.00 in another set of legal fees.
Feel free to take advantage of the search tool on this web page. Pick the mortgage company and type ‘Kensal Rise’ or your preferred area and you will be presented with a number of lawyer based in Kensal Rise or nearest you.
I'm purchasing a new build house in Kensal Rise with the aid of help to buy. The developers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not reveal to my lawyer about this deal as it will impact my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
We are 18 days into a freehold purchase having been directed to conveyancers by the high street agent to perform conveyancing in Kensal Rise. I am am starting to be dissatisfied with the level of service. Can you help me find new lawyers?
They would have to be very poor to suggest replacing them. Has the mortgage offer been issued? If so you will need to inform them of the new contact details and ensure the offer are re-sent. Your new conveyancer should be on the lenders panel to avoid escalating fees and delays. That should be your first question of the new lawyers. Our find a solicitor tool will help you find a bank approved lawyer for your home move in Kensal Rise
I've recently bought a leasehold property in Kensal Rise. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have had difficulty in seeking a lease extension in Kensal Rise. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Lease Extension decision for a Kensal Rise flat is 85A Chevening Road in August 2013. the Tribunals conclusions resulted in a payment of a premium for the new lease in the sum of £11,211 This case related to 1 flat. The unexpired residue of the current lease was 84.34 years.