My husband and I are getting closer to an exchange on a flat in Maida Vale and my parents have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has not come from me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The solicitor is obliged to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I purchased a freehold property in Maida Vale yet invoiced for rent, why is this and what is this?
It is rare for properties in Maida Vale and has limited impact for conveyancing in Maida Vale but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I am buying my first flat in Maida Vale with a mortgage from Halifax. The sellers would not budge the price so I negotiated 6k of extras instead. The house builders rep advised me not reveal to my solicitor about this extras as it would affect my mortgage with the lender. 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.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Maida Vale is where the house is located. What do you suggest?
Flying freeholds in Maida Vale are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Maida Vale you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maida Vale may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I best advised to choose a Maida Vale conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can handle the conveyancing but his firm is located a couple of hundredmiles away.
The primary upside of using a local Maida Vale conveyancing firm is that you can pop in to execute documents, hand in your ID and pester them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were impressed that must outweigh using an unknown Maida Vale conveyancing lawyer just because they are local.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £450,000 flat in Maida Vale on Wednesday in a week. The management company has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Maida Vale?
Maida Vale conveyancing on leasehold maisonettes often involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to sell the property.
I own a first flat in Maida Vale. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
in cases where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Maida Vale premises is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The remaining number of years on the lease was 70.02 years.