Our solicitor has identified a a legal deficiency with the lease for the property we are purchasing in North Acton. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the mortgage company is happy with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. The appropriate lender conditions must be adhered to.
Is it the case that all North Acton CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing list of approved firms?
Some major lenders now use the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
My husband and I have arranged the release of further monies on our home loan from Coventry BS as we want to conduct a loft conversion to our house in North Acton. Are we obliged to choose a high street North Acton solicitor on the Coventry BS conveyancing panel to deal with the paperwork?
Coventry BS would not normally appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS conveyancing panel.
Co-operative have agreed my mortgage in principle, my offer on a apartment in North Acton has been accepted, what happens next?
Your estate agent will need to be advised as to your conveyancing practitioner's details (make sure the property lawyers are on the lender’s panel). Telephone Co-operative or your financial adviser and complete any outstanding documentation. Co-operative will instruct a valuer who will get in contact with the selling agent or owners to book a time for the valuation to happen. Once conducted (assuming no problems) it takes about ten days to receive the mortgage offer. Co-operative will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in North Acton.
My friend recommended that where I am purchasing in North Acton I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your North Acton conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about North Acton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning North Acton.
How does conveyancing in North Acton differ for new build properties?
Most buyers of new build property in North Acton come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in North Acton usually purchase the real estate, 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 conveyancers 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 accustomed to new build conveyancing in North Acton or who has acted in the same development.
Last December I purchased a leasehold flat in North Acton. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in North Acton. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the premium.
An example of a Freehold Enfranchisement decision for a North Acton residence is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case related to 2 flats. The unexpired term was 68.47 years.
My wife and I have instructed a North Acton conveyancing solicitor for our home move (novice purchasers) and have spotted in the engagement letter that they are not covered by the Financial Conduct Authority. Need I be concerned or is that standard with solicitor?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are governed by the Solicitors Regulation Authority, who dictate specific conditions regulating amounts sitting in their bank.