My wife and I are planning to acquire a house in Piccadilly and have appointed a Piccadilly conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Yorkshire Building Society have this morning contacted us to advise us that there is now an issue as our Piccadilly conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Piccadilly solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
How does conveyancing in Piccadilly differ for new build properties?
Most buyers of new build premises in Piccadilly come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Piccadilly usually buy 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 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 Piccadilly or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Piccadilly before instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies may refuse to issue a loan on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Piccadilly. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Piccadilly to see if the conveyancing costs will increase in light of this.
In what way can the Landlord & Tenant Act 1954 impact my commercial offices in Piccadilly and how can you help?
The 1954 Act affords security of tenure to commercial lessees, giving them the right to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and help with commercial conveyancing in Piccadilly
In scouring the world wide web for the phrase conveyancing in Piccadilly it brings up numerous solicitorslocally. How do I determine which is the right conveyancing solicitor for my move?
The best method of finding the right conveyancer is via personal recommendation, so seek the counsel of colleagues and family who have acquired a property in Piccadilly or the local estate agent or financial adviser. Fees for conveyancing in Piccadilly differ, so it's a good idea to obtain at least four fee estimates from different conveyancers. Make sure that you clarify what costs in the quote includes.
Estate agents have just been given the go-ahead to market my basement flat in Piccadilly. Conveyancing lawyers have not yet been instructed, however I have just had a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as usual as all ground rent and service payments should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless 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. This will smooth the conveyancing process.
I am the leaseholder of a basement flat in Piccadilly. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension case for a Piccadilly premises is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case affected 1 flat. The unexpired residue of the current lease was 21 years.