My husband and I are hoping to purchase a 1 bedroom flat in Raynes Park with a mortgage. We like our Raynes Park solicitor, but the bank says she’s not on their "panel". It seems we have no option but to select one of the lender panel solicitors or retain our Raynes Park property lawyer as well as pay for one of their panel ones to act for them. This seems very unfair; are we not able to insist that the lender use our Raynes Park property lawyer ?
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. Another option that might be available is for your Raynes Park conveyancing lawyer to apply to be on the conveyancing panel.
Do I need to visit the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Raynes Park so that I can attend their offices if necessary.
These days conveyancing panel lawyers for banks undertake the vast majority of communications via the post, e-mail or over the phone. This means that they can undertake the legal work for your home move regardless of where you live in England or Wales. However you can see if you can still book an appointment to visit conveyancing lawyer if needed.
Will commercial conveyancing searches reveal proposed roadworks that may affect a commercial premises in Raynes Park?
Its becoming the norm that commercial conveyancing solicitors in Raynes Park will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Raynes Park. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Raynes Park.
For each commercial conveyancing transaction in Raynes Park it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Raynes Park commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Raynes Park.
I am looking for a leasehold apartment up to £235,500 and identified one round the corner in Raynes Park I like with amenity areas and transport links nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Raynes Park in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I have recently realised that I have Fifty years left on my flat in Raynes Park. I now want to get lease extension but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the lessor. On the whole an enquiry agent would be helpful to try and locate and to produce an expert document to be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Raynes Park.
We have reached the end of our tether in trying to purchase the freehold in Raynes Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to judgment on the price.
An example of a Lease Extension case for a Raynes Park property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case was in relation to 1 flat. The unexpired residue of the current lease was 60.43 years.
We are about to complete buying a property in Raynes Park but as a consequence of damage from the recent storms I have agreed reparation from the seller of four thousand pounds in the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process however the lender will not permit this. Why were they approached?
Any conveyancer listed on the lender approved list is obliged to inform the bank of any amendments to the sale amount. If you did not allow your property lawyer to disclose the price change to your mortgage company then they would have to disinstructing themselves from representing you and the lender.