My partner and I are planning to buy a property in London Colney and are in fact using a London Colney conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Godiva Mortgages Ltd have this afternoon contacted us to inform me that they have now hit a problem as our London Colney lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own London Colney solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Should our lawyer be making enquiries about flooding during the conveyancing in London Colney.
Flooding is a growing risk for lawyers carrying out conveyancing in London Colney. There are those who acquire a property in London Colney, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a various searches that may be undertaken by the purchaser or by their conveyancers which should give them a better appreciation of the risks in London Colney. The conventional set of information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to discover if the property has ever been flooded. If the residence has been flooded in past which is not disclosed by the vendor, then a buyer could bring a claim for damages as a result of such an inaccurate response. The purchaser’s conveyancers may also commission an environmental search. This should reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
Have purchased a a terraced house in London Colney , What is the estimated time for the Land Registry to register my title? My London Colney conveyancing solicitor works at snail pace, so I want to be sure that my name is registered.
There is nothing unique about conveyancing in London Colney registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether it is in order and if the Land registry must send notices to any third persons or bodies. Currently roughly 80% of such applications are fully addressed within two weeks but occasionally there can be extensive hold-ups. Historically registration takes place once the buyer has moved in to the premises therefore 'speed' is not typically top priority but if there is a degree of urgency associated with the registration then you or your lawyers could speak with the land registry and explain the circumstances.
I decided to have a survey completed on a house in London Colney in advance of instructing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will refuse to give a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in London Colney. Conveyancing may be slightly more expensive based on your lender's requirements.
In what way can the Landlord & Tenant Act 1954 affect my business offices in London Colney and how can you help?
The 1954 Act gives security of tenure to business lessees, granting the a statutory right to apply to court for a renewal tenancy and remain in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. London Colney is one of the many locations in which the firms we work with have offices
I own a leasehold house in London Colney. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in London Colney who acted for me is not around. Any advice?
First make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a London Colney conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured 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.
Leasehold Conveyancing in London Colney - Sample of Questions you should consider Prior to buying
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It is important to be aware if a new roof is being put on or some other significant cost is anticipated that will be shared by the tenants and may well materially increase the the service fees or result in a specific payment. This information is useful as a) areas could result in problems for the block as the communal areas may begin to deteriorate where services remain unpaid b) if the leaseholders have an issue with the running of the building you will wish to have all the details