My partner and I are planning to purchase a home in Seven Kings and are in fact using a Seven Kings conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this afternoon contacted us to inform me that there is now an issue as our Seven Kings solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for the mortgage company. 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 bank's conveyancing panel and you may continue to use your own Seven Kings solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Why is leasehold purchase conveyancing in Seven Kings is more expensive?
Seven Kings leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Should my conveyancer be raising enquiries regarding flooding during the conveyancing in Seven Kings.
Flooding is a growing risk for conveyancers specialising in conveyancing in Seven Kings. There are those who buy a house in Seven Kings, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Seven Kings. The conventional set of property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine if the property has ever been flooded. In the event that the premises has been flooded in past which is not notified by the owner, then a purchaser could bring a compensation claim as a result of such an misleading response. The purchaser’s lawyers will also conduct an environmental report. This should indicate whether there is any known flood risk. If so, further inquiries should be conducted.
We're first time buyers - had an offer accepted, but the property agent told us that the seller will only go ahead if we use the agent's recommended solicitors as they need an ‘expedited deal’. We would rather use a high street conveyancer used to conveyancing in Seven Kings
It is highly unlikely the owners are behind this. Should the owner require ‘a quick sale', taking such a hostile approach to a genuine purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and make the point that (a)you are motivated buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your preferred Seven Kings conveyancing firm - not the ones that will earn their estate agent a introducer fee or meet his conveyancing figures set by corporate headquarters.
I am tempted by the attractive purchase price for a couple of maisonettes in Seven Kings both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area.
Notwithstanding our best efforts, we have been unsuccessful in negotiating a lease extension in Seven Kings. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Lease Extension case for a Seven Kings property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The unexpired lease term was 61.36 years.
Is there an average conveyancing fee for conveyancing in Seven Kings?
The average fee in 2014 for conveyancing in Seven Kings was just under one thousand five hundred pounds not including Stamp Duty and HMLR charges.