We are planning to acquire a 1 bedroom flat in Notting Hill with a mortgage. We like our Notting Hill solicitor, however the lender says he's not on their "panel". It seems we have no option but to use one of the bank panel solicitors or keep our Notting Hill solicitor as well as pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Notting Hill conveyancing solicitor to apply to be on the conveyancing panel.
All was ready to move into my new home in Notting Hill next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not specific to conveyancing in Notting Hill.
We are hoping to buy a 1 bedroom flat in Notting Hill with a loan from Bank of Scotland.We have a Notting Hill conveyancing practitioner but Bank of Scotland advised that her practice is not listed on their "panel". we are left little option but to use a Bank of Scotland panel firm or keep our high street solicitor and pay for a Bank of Scotland panel lawyer to act for them. This seems very unfair; Can we not simply insist that Bank of Scotland use our lawyer?
No, not really. The home loan issued to you contains various provisions, one of which will be that solicitors needs to be on the Bank of Scotland solicitor panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Bank of Scotland
This question may be naive but I am unseasoned as FTB of a garden flat in Notting Hill. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Notting Hill?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be invited to pick up the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
A relative informed me that in buying a property in Notting Hill there could be various restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Notting Hill which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Notting Hill should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Our sealed bid on a detached house in Notting Hill has been accepted, the vendors do however have a connected purchase. The vendors have placed an offer on a flat, but it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have selected a high street conveyancing solicitor in Notting Hill. What do I do now? When do I get the mortgage application with Nationwide started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then valuation, Notting Hill conveyancing search charges, etc). The first course of action is to check that your solicitor is on the Nationwide approved list. As to the subsequent phase this very much depends on the specifics of your case, desire for the property and on the state of the market. During a hot market some buyers would apply for a home loan with Nationwide and pay for the valuation and only if it was satisfactory would they ask their solicitor to move forward with searches.
I moved into my flat on 12 November and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Notting Hill said it should be concluded in less than a month. Are transfers in Notting Hill particularly slow to register?
There is nothing unique when it comes to conveyancing in Notting Hill registration formalities. Rather than based on location, timescales can vary according to the party submitting the application, whether there are errors and whether the Land registry have to notify any third persons or bodies. At present approximately 80% of such applications are completed in less than three weeks but occasionally there can be protracted hold-ups. Registration occurs after the buyer has moved in to the premises therefore registration formalities is not always primary concern but if there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.
I would like to let out my leasehold flat in Notting Hill. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your last Notting Hill conveyancing solicitor is no longer available you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you must obtain consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining permission. Such consent should not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I own a ground-floor 1950’s flat in Notting Hill. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Notting Hill conveyancing firm who can help.
An example of a Lease Extension decision for a Notting Hill property is 2 Grove House 95 Addison Road in October 2013. the Tribunal decided that the premium to bepaid for a new lease is £50,050. This case affected 1 flat. The unexpired term was 68.4 years.