Me and my partner are purchasing a 1 bedroom apartment in Pratt's Bottom with a mortgage. We have a Pratt's Bottom conveyancer, however the lender advise she’s not on their "panel". It appears that we have little option but to instruct one of the lender panel conveyancing practices or continue with our Pratt's Bottom conveyancer as well as pay for one of their panel firms to represent them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Pratt's Bottom conveyancing lawyer to apply to be on the conveyancing panel.
If you had a top tip for choosing a conveyancing solicitor in Pratt's Bottom what would it be?
It would be unwise to be tempted by the cheapest Pratt's Bottom conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Two weeks ago we had a mortgage agreed in principle with RBS. Pratt's Bottom conveyancing solicitors are instructed. How long does it take for RBS to send the offer to the property lawyer?
There is no definitive answer here. Have RBS done the survey? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have a mortgage with Principality for my property in Pratt's Bottom. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
Principality must be informed of your intention prior to renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies 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 Principality directly. You need not do this via a Principality conveyancing panel firm.
Should my solicitor be asking questions about flooding as part of the conveyancing in Pratt's Bottom.
Flooding is a growing risk for conveyancers dealing with homes in Pratt's Bottom. There are those who buy a house in Pratt's Bottom, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a various searches that may be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Pratt's Bottom. The standard information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to discover whether the property has historically flooded. If flooding has previously occurred and is not revealed by the vendor, then a buyer may issue a claim for damages stemming from an misleading response. A buyer’s conveyancers will also order an enviro report. This should higlight if there is a recorded flood risk. If so, further inquiries will need to be initiated.
five months have elapsed following my purchase conveyancing in Pratt's Bottom concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build flat in Pratt's Bottom. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Pratt's Bottom
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I own a leasehold flat in Pratt's Bottom. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Pratt's Bottom who acted for me is not around. Do I pay?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Pratt's Bottom conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Pratt's Bottom conveyancing firm to help?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the premium.
An example of a Lease Extension decision for a Pratt's Bottom property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.