I had intended to instruct a property lawyer in Moor Park for our home move. Our financial adviser informed us that our mortgage company The Mortgage Works won't deal with them. Surely this is unduly restrictive?
Banks tend to restrict either the category or the number of conveyancing practices on their approved list of lawyers. A common example of such criteria being that a law practice must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they allow to represent them. You should note that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels since 2008 even though there are mixed views concerning the level of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Moor Park only perform very few conveyances a year.
We are purchasing a house in Moor Park. I might seem paranoid but how we can trust a solicitor? At some point we have to send funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
The mortgage over my property is with Clydesdale for my property in Moor Park. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
You must advise Clydesdale in advance of letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel firm.
I am selling my flat. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Barclays are being difficult. The Moor Park solicitor who is on the Barclays conveyancing panel is saying indemnity insurance will be fine but Barclays are requiring a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays 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.
How does conveyancing in Moor Park differ for newly converted properties?
Most buyers of new build premises in Moor Park contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Moor Park typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Moor Park or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Moor Park I like with a park and transport links in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Moor Park for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
My husband and I are FTB’s - had an offer accepted, yet the selling agent informed us that the owners will only move forward if we use their chosen lawyers as they want a ‘quick sale’. Our preferred option is to instruct a high street solicitor with experience of conveyancing in Moor Park
It is improbable the vendors are behind this. Should the vendor desire ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you will continue to use your preferred Moor Park conveyancing firm - not the ones that will earn their estate agent a commission or achieve conveyancing thresholds set by head office.
Estate agents have just been given the go-ahead to market my ground floor apartment in Moor Park. Conveyancing lawyers have not yet been instructed, however I have just had a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal given that all ground rent and service invoices will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Moor Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Lease Extension case for a Moor Park premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The unexpired residue of the current lease was 71 years.