Recently contacted my conveyancing solicitor in South Acton who acted for me 18 months ago requesting a conveyancing quote based on an identical type of house sale & purchase (a leasehold premises and a freehold property) of almost identical values with a loan from Yorkshire Building Society. It looks as though am now being quoted double. Should I hunt for an alternative property lawyer?
The estimate does seem a tad on the high side. Where you are happy to spend time comparing charges you could trim some of the expense by say £100 plus VAT. On the other hand, assuming were happy with the legal work the firm offered you mightlive to rue choosing an an untested lawyer. Remember to be sure that the firm can represent Yorkshire Building Society. You can use our search tool to select a South Acton conveyancing firm on the Yorkshire Building Society conveyancing panel, which can often include conveyancing solicitors in South Acton.
My solicitor has identified a a legal deficiency with the lease for the flat we are buying in South Acton. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the bank is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender provisions must be adhered to.
Is there a reason why leasehold purchase conveyancing in South Acton is more expensive?
South Acton 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 solicitor be making enquiries regarding flooding during the conveyancing in South Acton.
Flooding is a growing risk for conveyancers specialising in conveyancing in South Acton. Some people will purchase a house in South Acton, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a numerous checks that may be initiated by the buyer or by their lawyers which can give them a better appreciation of the risks in South Acton. The conventional set of property information forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to determine if the property has suffered from flooding. In the event that the property has been flooded in past which is not notified by the owner, then a purchaser could bring a claim for damages stemming from an inaccurate response. A purchaser’s lawyers should also commission an enviro report. This should reveal whether there is any known flood risk. If so, additional investigations will need to be conducted.
What are your top tips when it comes to choosing a South Acton conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a South Acton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non South Acton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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Can they put you in touch with clients in South Acton who can give a testimonial? If the firm is not ALEP accredited then why not?
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in South Acton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to arrive at the premium.
An example of a Freehold Enfranchisement decision for a South Acton residence 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 affected 2 flats. The unexpired lease term was 64.64 years.
What type of premises does your South Acton conveyancing quotes apply to?
The quotes supplied are only relevant to standard residential homes in England & Wales. Where you have any different requirements for instance industrial or agricultural property or commercial conveyancing in South Acton please contact us to discuss your requirements .