My partner and I are looking to acquire a home in Maida Vale and have instructed a Maida Vale conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Leeds Building Society have this morning contacted us to advise us that they have now hit a problem as our Maida Vale lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. 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 Accreditation Scheme. Your solicitor should contact your bank 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Maida Vale solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We see that you have a search directory listing solicitors on the Virgin Money conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Maida Vale?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Maida Vale.
Will my conveyancer be asking questions about flooding as part of the conveyancing in Maida Vale.
Flooding is a growing risk for conveyancers conducting conveyancing in Maida Vale. Some people will acquire a house in Maida Vale, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Maida Vale. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to discover if the premises has ever been flooded. If the residence has been flooded in past which is not notified by the vendor, then a buyer may bring a claim for damages resulting from an inaccurate answer. The purchaser’s lawyers should also commission an enviro report. This should reveal if there is a recorded flood risk. If so, additional investigations will need to be made.
three months have gone by since my purchase conveyancing in Maida Vale concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Maida Vale I like with a park and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Maida Vale suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan that many years may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am intending to rent out my leasehold flat in Maida Vale. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your last Maida Vale conveyancing solicitor is not around you can review your lease to check if it allows you to sublet the property. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you must seek permission via your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet in the absence of prior permission. The consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Maida Vale. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Maida Vale conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Maida Vale property 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 unexpired residue of the current lease was 70.02 years.