Do I find a Licenced Conveyancer or Solicitor for conveyancing in Merton Park?
There are many registered licenced Conveyancers in Merton Park and Solicitor practices in Merton Park who provide Conveyancing services It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. The two can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
When it comes to lenders such as Nottingham, do Merton Park solicitors have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I am selling my apartment. I had a double glazing fitted in August 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Coventry BS are being problematic. The Merton Park solicitor who is on the Coventry BS conveyancing panel is saying indemnity insurance will be fine but Coventry BS are requiring a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I understand that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when purchasing a house in Merton Park? or Apparently there is an ancient law that could mean that owners of property living in a parish church boundary will be compelled to contribute towards repairs to the chancel in proximity to the church. Is this appropriate for conveyancing in Merton Park?
Unless a prior acquisition of the property completed after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Merton Park to continue to recommend a chancel search and or insurance against a claim.
I acquired my flat on 10 November and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Merton Park expressed confidence that it should be registered in a couple of weeks. Are titles in Merton Park particularly slow to register?
As far as conveyancing in Merton Park is concerned, registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary according to the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. Currently roughly 80% of such applications are completed within 12 days but some can be subject to protracted hold-ups. Registration occurs once the purchaser has moved in to the property thus 'speed' is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Merton Park is where the house is located. Is there any guidance you can impart?
Flying freeholds in Merton Park are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Merton Park you would need to get your solicitor to go 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 Merton Park may determine 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 premises.
I am looking at a two apartments in Merton Park which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Merton Park is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Merton Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Merton Park. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a Merton Park conveyancing firm who can help.
An example of a Lease Extension decision for a Merton Park premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The remaining number of years on the lease was 62.94 years.
My son is about to join the property ladder, he had his mortgage in principle. When the seller agreed the offer on the house we called the lender to progress the mortgage application. I was shocked to hear that mortgage companies do not accept all lawyer, they must be on their panel, is this correct?
Mortgage Companies ordinarily imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Merton Park solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.