We are planning to buy a 1 bedroom flat in South Acton with a mortgage. We have a South Acton solicitor, but the mortgage company says he's not on their "panel". We have to appoint one of the lender panel solicitors or retain our South Acton conveyancing practitioner and pay for one of their panel lawyers to act for them. We feel that 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 bank’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 South Acton conveyancing solicitor to apply to be on the conveyancing panel.
Would the conveyancing lawyers identified through your search tool handle auction conveyancing in South Acton?
There are a number of niche practitioners we can put you in touch with those who can conduct auction conveyancing. South Acton is just one of hundreds of locations where our lawyers cover.
Me and my partner are buying a house in South Acton. I might seem paranoid but how we can trust a lawyer? On completion day we will need to put funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My bid for a property was accepted at auction in South Acton. Conveyancing is required. What happens now?
Having legally committed yourself to purchase you must appoint a conveyancing solicitor quickly as you will have a tight deadline in which to complete the conveyancing. An auction property will have an associated auction pack. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You need to pass this on to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that that you have the requisite funding in place to complete on the date specified in the contract.
My solicitor has informed me that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in South Acton?
The appropriate level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
I opted to have a survey done on a house in South Acton ahead of instructing solicitors. I have been advised that there is a flying freehold overhang to the property. The surveyor has said that some lenders will not issue a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Acton. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in South Acton and I am already nervous. I couldn't find anything specific about South Acton. Conveyancing will be needed in due course but do you know about the South Acton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at South Acton. In the meantime here are some basic statistics that we found
I am a negotiator for a busy estate agent office in South Acton where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local South Acton conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in South Acton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or if there is disagreement 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 decide the premium.
An example of a Freehold Enfranchisement case for a South Acton flat is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case was in relation to 2 flats. The remaining number of years on the lease was 64.64 years.