I am progressing with the sale of my maisonette in Park Royal and the estate agent has just text me to say that the purchasers are swapping solicitor. The reason given is that the lender will only deal with solicitors on their approved list. Why would a major mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Park Royal ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
Can the conveyancing lawyers indexed on your site handle right to buy conveyancing in Park Royal?
We do have numerous conveyancing firms who can handle right to buy conveyancing work Please e-mail us to obtain a costs calculation.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a residence in Park Royal?
Unless a prior purchase of the premises completed post 12 October 2013 you could assume that conveyancing practitioners carrying out conveyancing in Park Royal to continue to advocate a chancel search and or chancel repair liability insurance.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Park Royal I like with open areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Park Royal in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage that many years will likely be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Are there any apps to assist me to locate a Park Royal solicitor on the Santander conveyancing panel? I drive a motor bike and am willing to travel upto 20miles to meet the conveyancer.
Feel free to make use of the search on this page. Please pick a bank and your location and you will see a number of Park Royal conveyancing lawyers located nearest you. We have listed some Park Royal conveyancing firms at the bottom of this page and you can telephone them to see if they are on the Santander approved list
Last September I purchased a leasehold flat in Park Royal. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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).
I am the registered owner of a second floor flat in Park Royal. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Park Royal conveyancing firm who can help.
An example of a Lease Extension case for a Park Royal residence is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case related to 1 flat. The unexpired residue of the current lease was 28.42 years.